LOS ANGELES--(BUSINESS WIRE)--With $2 million in support from UBS, VEDC has formed the Chicagoland Business Opportunity Fund to provide financing for high-growth businesses to help them expand. VEDC is proud to announce the funding of the first small business loan through the Chicagoland Business Opportunity Fund to Black Dog Corporation.
“UBS’s Elevating Entrepreneurs initiative has one overarching goal, and that’s to give small businesses the tools and resources to grow and succeed,” said Rosemary Berkery, Vice Chairman of UBS Wealth Management Americas and Chairman of UBS Bank USA. “Whether it’s through the mentoring relationships led by UBS Financial Advisors and their clients, or our firm’s innovative partnership with the VEDC, we are fully committed to supporting this critical sector of the American economy.”
The Chicagoland Business Opportunity Fund offers small business loans to start-up and existing businesses in the Metro Chicago area in amounts ranging from $50,000 to $250,000. Loan funds through VEDC can be used for working capital, business purchase, equipment, inventory, tenant improvements, owner occupied commercial real estate or to refinance existing debt.
Black Dog Chicago Corporation owner Amit Gauri had a proven successful business model that he wanted to expand. “We had experienced tremendous growth with our food distribution company and wanted to use that same business model to diversify our products.” After winning a contract with the Chicago Transit Authority through the newly formed Black Dog Petroleum, Amit realized they needed to expand to meet the demands. Unfortunately, traditional financing was not an option because of the start-up nature of the new venture. Along with the support and advisement of his UBS mentoring team, he worked with the VEDC's Chicagoland Chamber of Commerce and everything changed.
“One of the great things about working with VEDC is that they actually sit back and listen to you talk about your business and then work with you to meet your goals,” commented Amit Gauri, owner of Black Dog Chicago Corporation.
VEDC is a non-profit, Community Development Financial Institution (CDFI) that has been supporting small business owners for 36 years with the goal of making economic dreams a reality. As a transitional small business lender, VEDC loans money to small businesses that have not been able to obtain financing from a traditional lender.
“We are extremely proud to work with UBS during a time when small business owners are facing disproportionate challenges in securing financing,” said Roberto Barragan, President and CEO of VEDC. “VEDC has been the lender of last resort for many good companies that have struggled during the economic downturn. We are very happy to have this opportunity to bring our services and unique approach to small business finance to Chicago entrepreneurs.”
“With the help of VEDC we have been able to expand our facilities, secure a second warehouse location and expand our fleet,” said Amit Gauri. “The best part is we will be able to create at least 20 new jobs in the Chicago area. It worked out fantastic!”
For more information about the Chicagoland Business Opportunity Fund contact Cynthia Ryan at (630) 427-7580 or via email at cryan@vedc.org. The VEDC office is located at 200 E. Randolph Street, Suite 2200, Chicago, IL 60601.
About UBS
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. The firm combines its wealth management, investment banking and asset management businesses with its Swiss operations to deliver superior financial solutions.
About VEDC
VEDC is the largest non-profit small business lender in California offering direct micro and small business loans through programs including SBA Community Advantage and SBA 504 loans. As a national small business lender, VEDC lends $25 million annually, while providing direct business assistance services to more than 4,000 businesses. With seven offices nationwide VEDC has supported the small business owner for 36 years with the goal of creating and sustaining jobs and businesses in under-served communities. For more information visit www.vedc.org.