UBIZ Venture Capital Honors Four Successful Black Entrepreneurs as it Launches The Business Growth 研究所 with a $500,澳博官方网站app投资1000万美元
克利夫兰, OH, 10月31日, 2022 – UBIZ Venture Capital in partnership with the Urban League of Greater 克利夫兰 is excited to host the Business Legacy Award Reception and launch of the Business Growth 研究所 (BGI), 周二, 11月1日, at the Rocket Mortgage FieldHouse starting at 5:00 p.m. 遗产奖得奖者包括:
- Lonnie Coleman, President and Chief Executive of the Coleman Spohn Corp. whose construction projects include Rocket Mortgage Fieldhouse, 摇滚名人堂, and the University Hospitals Ahuja Medical Center.
- 梅尔·派伊, 他是Fairfax Place的总裁兼首席执行官, which provides cutting edge healthcare services in partnership with local hospitals to residents in a 100-bed facility.
- Anthony E. Smith (posthumously) and his wife Vanessa Whiting, the 首席执行官 of A.E.S. 管理公司., and the owner and operator of 15 Popeyes Louisiana Kitchen locations in Northeast Ohio.
- Tilmon Brown, the owner of Norwalk, Ohio-based, New Horizons Baking Co. is a McDonald’s supplier that produces soft sandwich buns and English muffins to more than 5,000家快餐店, grocery stores and food service providers nationwide. Tilmon has also been inducted into the “Bakers Hall of fame”, the first African American to be selected by the American Society of Baking.
“Highlighting these companies is a perfect way to celebrate their excellence and share ways we can create more similar successful companies through the Business Growth 研究所,迈克尔·欧比说, UBIZ风险投资公司总裁. “We are very grateful for funding from 澳博官方网站app totaling $500,000, which speaks volume to its commitment to closing the wealth gap in the black community.” Obi added that Key Bank also invested $100,000美元来开办这个研究所, in addition to its support of UBIZ’s economic development efforts since its inception.
The Business Growth 研究所 is an initiative to sustain legacy Black businesses in our community. The 研究所 will also develop more Black-owned businesses in high growth sectors, 比如可再生能源, 软件开发, and advanced manufacturing with the potential to generate $1 Million in revenue or more each year.
“Black-owned businesses are critical to the U.S. 经济, 尤其是在俄亥俄州东北部, but they often lack access to capital and resources for growth,大卫·艾伦说, Market Team Lead for Northern Ohio at J.P. 摩根私人银行. “澳博官方网站app’s investment will help strengthen the region’s workforce, 社区和地方经济.”
UBIZ conducted a strategic plan funded by 澳博官方网站app to determine what their company could do to significantly improve the economic outlook in the Black community. 从历史上看, UBIZ through the ULGC Entrepreneurship Center, focused on small growth loans of up to $250,每项业务000.
Through research it was determined that all Black businesses are not the same. UBIZ organized the companies into five segments to determine which segments are getting the least support but have the greatest potential to impact our community’s 经济 faster:
- Pre-venture – have ideas, but have not started the business
- Micro– a small business with less than $250,000 in annual revenue
- Emerging – those with annual revenue of over $250,000 and over two years in business
- Growth - in expansion mode generating over $1 Million per year
- Legacy – in business for 20 years+ or is a second-generation business making $5 Million or more in revenue yearly
UBIZ observed that the Growth and Legacy segments have the biggest potential to create jobs but received the least support needed for continued growth. Oftentimes the owners have significant growth opportunities but lack human resources and financial capital to fully take advantage of them.
The BGI will focus on three initiatives to support this goal. The first will nurture Black and Brown entrepreneurs at a younger age in the high growth sectors, 与地区学院合作, 大学, and local economic development organizations. The second initiative will grow and sustain Black and Brown businesses that are already generating $1M or more in annual revenue. 最后, UBIZ’s Growth Capital Fund will strategically infuse flexible capital in participating businesses.
“The Urban League is excited to share in the celebration and launch of the Business Growth 研究所,玛莎说. 莫卡比，教统会主席 & 首席执行官. “澳博官方网站app is a consistent and valued partner in some of the Urban League’s most innovative projects.”