--(BUSINESS WIRE)--VEDC:
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What: |
Grand opening of Gunbae, an upscale Korean-BBQ karaoke restaurant partially funded by VEDC and the Tri-State Business Opportunity Fund (TBOF). Gunbae’s opening created 40 new full-time jobs and 12 construction jobs. Complimentary food and drinks will be served. | ||
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When: |
6-9 p.m., Wednesday, June 3, 2015 | ||
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Where: |
Gunbae, 67 Murray St., New York NY 10007 | ||
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Why: |
VEDC, a leading non-profit lender to small businesses, in partnership with the UBS Elevating Entrepreneurs initiative, have formed the Tri-State Business Opportunity Fund which has provided a $500,000 small business loan to Gunbae to support growth and job creation. VEDC and TBOF help businesses like the 80-seat restaurant Gunbae (“cheers” in Korean) that do not qualify for traditional small business bank loans. Due to the financial hardship brought on by Hurricane Sandy and the subsequent effect on Andy Lau’s first restaurant, he began seeking assistance from the New York City Lower Manhattan Business Solutions Center. Though their ongoing relationship and support, he was referred by New York City Lower Manhattan Business Solutions Center to TBOF for capital needed to expand and open a new venue. |
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Who: |
Jessie Lee – As the Director of Small Business Lending – East for VEDC, Jessie Lee is committed to helping create jobs and promote economic development, with an emphasis on women- and minority-owned businesses and businesses located in low- to moderate-income communities. |
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| Jamie Sears – As Director and Head of Strategic Partnerships and Programs at UBS Community Affairs & Corporate Responsibility, Americas, Jamie leads the group's overall strategy and oversees the firm's flagship philanthropic initiatives within education and entrepreneurship, including UBS Elevating Entrepreneurs. | |||
| Andy Lau – Gunbae is the newest venture by the former Wall Street investment banker who owns downtown eateries Bonchon, a Korean fried chicken chain on John Street in the Financial District of New York City. | |||
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more accessible and impactful. With a 38 year history of supporting small business owners, VEDC’s goal is to create and sustain jobs and small businesses in the communities they serve. In 2013, VEDC partnered with UBS to create the Tri-State Business Opportunity Fund (TBOF), a $20 million lending vehicle providing loans of $50,000 to $500,000 to qualified small businesses in New York, New Jersey and Connecticut. The effort is a component of UBS's Elevating Entrepreneurs program, a flagship philanthropic initiative of the firm and a portfolio of nonprofit partnerships and philanthropic programs committed to bringing the right resources to the right entrepreneurs to help spur economic growth.
VEDC’s national operations are headquartered in Los Angeles and include offices in California, Chicago, Miami, Las Vegas, Utah, and New York serving the Tri-State area.
