Minority Owned Lender Millennium Bank Taps Former Chicago Deputy Mayor Samir Mayekar for Its Board of Directors
Samir Mayekar, managing director of the University of Chicago's Polsky Center for Entrepreneurship and Innovation and a former Chicago deputy mayor, joins Millennium Bank's board of directors
DES PLAINES, Ill., Aug. 28, 2024 /PRNewswire/ -- Millennium Bank, a leader in small business lending in the Chicago area, has named Samir Mayekar as the newest member of its board of directors. Mayekar has a record of success as an entrepreneur and effective leader across public, private and not-for-profit sectors in Chicago, which will make him a key partner to support Millennium Bank's mission to be the best bank for small businesses.
With over $500 million in assets, Millennium Bank is a leader in SBA lending and provides a variety of commercial and personal banking services to its customers. The bank was founded in 2007 by entrepreneur Moti Agarwal and operates as a family-owned enterprise with his son Himal Agarwal serving as vice chairman.
Mayekar, 40, is associate vice president and managing director of the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. Founded at the Booth School of Business in 1998, the Polsky Center supports Chicago Booth students in pursuing venture capital and private equity careers and the U. of C. in bringing its research to commercial application. Mayekar previously served as deputy mayor of Chicago for economic development under Mayor Lori Lightfoot and as CEO of NanoGraf Corp. The global manufacturer of lithium-ion battery materials has raised more than $100 million in funding and has manufacturing facilities in Chicago.
"Samir brings a diverse set of experiences to Millennium Bank," said Vice Chairman of the Board Himal Agarwal. "His commitment to Chicago, his unique expertise at the highest levels of federal and local government, and his perspective as a South Asian founder of a successful start-up will help guide the bank as it explores new opportunities and serves new industries and communities.
"Since 2020, Millennium Bank has more than doubled in size, and that means the bank needs to strengthen its governance and prepare to scale," Himal Agarwal noted. "Samir brings this level of leadership. He will help the bank to further reach into the city of Chicago and help disseminate our message and mission more broadly. There are over 350 community banks in the state of Illinois, and only five of these institutions, including Millennium Bank, are minority owned, so we have a duty to service underserved and traditionally disadvantaged small business customers."
Over the past decade, the bank has seen rapid growth which has occurred under the leadership of President and CEO Nicholas Dizonno. In 2023, Millennium Bank committed $222 million in loan volume, of which $117 million was made to minority borrowers. As a result, the Des Plaines-based bank recently opened a new branch location in Oak Brook, Illinois, a DuPage County small business hub, further growing its customer base in communities that are home to many minority-owned businesses.
Public Roles Drive Small Business Growth
As Chicago's deputy mayor under Lightfoot, Mayekar focused on economic and neighborhood development through initiatives such as Invest South/West. His efforts led to the 2022 opening of the Discover Financial Services Customer Care Center, where the banking and payments company planned to employ over 1,000 workers. Mayekar also served on the Obama Administration's national security team and the executive staff of the U.S. International Development Finance Corp.
"I look forward to supporting the growth of small businesses in partnership with Millennium Bank," Mayekar said. "Throughout my career, I've spent time in every neighborhood in Chicago, which has given me a unique perspective on the needs of neighborhood businesses in different sectors. Those experiences will help develop the bank's offerings and relationships across the city's vibrant neighborhoods. Many banks have been pulling out of these communities, but Millennium Bank wants to go all in on Chicago."
Connects With Minority Business Owners
"Samir aligns with our progressive and entrepreneurial mission," said Dizonno. "As our clients get larger, we provide not only financing but also education and contacts, so that entrepreneurs and operators have solid budgets and business plans. Samir has empathy and an ability to relate to anybody—from top-line executives and political leaders to someone who's opening his first dry cleaners. His time in government has allowed him to hear the plight of the people. He knows why their businesses are having a difficult time."
Mayekar highlighted that entrepreneurs of color find it "incredibly difficult" to attract startup financing. "I dealt with that in City Hall all the time," he said. "So having a team that truly understands a different philosophy on capitalizing and supporting first-time entrepreneurs—especially entrepreneurs of color—is something I find highly motivational."
About Millennium Bank
Millennium Bank is a state-chartered commercial bank providing banking services to minority, underserved or traditionally disadvantaged small business customers and dedicated to helping communities and neighborhoods thrive. With full-service offices in Des Plaines and Oak Brook, Illinois, Millennium Bank is one of five Minority Depository Institution banks based in the state, one of the largest U.S. Small Business Administration (SBA) lenders in the Midwest and one of 72 Asian owned banks in the country. The bank was founded in 2007 by current Board Chairman Moti Agarwal and has grown to over $500 million in assets. Millennium Bank was a beneficiary of the $8.7 billion Emergency Capital Investment Program the Treasury Department announced in 2022 and received $40 million from this program to further grow its loan volume and expand its footprint. To learn more, visit mb.bank.
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SOURCE Millennium Bank
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