DePaul University's SPARK Center has announced a new research partnership with global professional services firm Aon and NFP, an Aon company. The project, titled "Beyond the Loan: Community Banks, Small Business Owners and Human Resilience," will focus on how community banks can better support entrepreneurs, particularly those from underserved groups and women-owned businesses.

The research is led by James Bort, assistant professor in DePaul's Driehaus College of Business, and LeAnne Wagner, director of the SPARK Center and faculty member in DePaul's School of Design. The Coleman Center of Entrepreneurship is also supporting the initiative. According to the university, this collaboration aims to combine academic analysis with practical applications for banks.

The study will use a panel of 250 small business owners who will participate in interviews and ongoing data collection over several years. Results are expected to inform predictive models and interactive dashboards that community banks can use to assess borrower resilience.

James Bort stated, “The data collected from this study will allow us to potentially develop novel insights that will lead to interventions that close equity gaps. These interventions will also help banks better recognize borrower needs, expand access to credit and strengthen resilience among small businesses."

LeAnne Wagner added, “The SPARK Center is thrilled to work with Aon and NFP on this important research. Our goal is to generate insights that empower community banks and uplift small business owners across the country."

Aon’s contribution includes elements from its Human Sustainability Index (HSI), which measures wellbeing, resilience, and sustainability at various organizational levels. By incorporating HSI data into the project, researchers hope to identify patterns related to resilience among small business owners so community banks can make more informed lending decisions beyond traditional financial metrics.

Aaron Olson, head of university partnerships at Aon, said: “Aon values this opportunity to bring new insight into the role resilience plays in the success of small businesses. Academic endeavors like this are a vital part of how we help clients make better decisions."

NFP’s Insights program will support the project by collecting customer feedback data for a deeper understanding of client needs. The company also plans to consult with lenders on using these findings specifically for women-owned enterprises.

Justin Corey, SVP and Head of Business Development at NFP commented: “Community banks play an integral role in the economy. This collaboration will empower lenders, uplift entrepreneurs, and equip our clients with tools to lend more confidently and effectively."

A bank advisory board made up of industry leaders will guide research activities throughout the three-year project term. Marianne Markowitz—President & CEO of First Women's Bank and a DePaul alumna—noted: “With women-owned businesses representing 40% of U.S. enterprises but receiving only 4–6 percent of conventional loan dollars, this research aims to close this gap and unlock significant economic potential."

DePaul's SPARK Center serves as a hub for data visualization and community engagement initiatives at https://spark.depaul.edu/. This project marks its first major corporate collaboration as it seeks solutions benefitting local and national communities through interdisciplinary work involving data science and design.

NFP provides risk capital solutions including insurance services across North America and Europe; more information about their offerings can be found at www.nfp.com.