UBS Bank USA today announced the recent funding of a significant small business loan through the Chicagoland Business Opportunity Fund (“CBOF”), demonstrating their ongoing commitment to provide access to capital to small businesses in Chicago. Chicago Mini Bus Travel™, a well-known local transportation services company, received a $250,000 loan to fund their growth.
CBOF, in Chicago, provides financing to established businesses needing $50,000 to $250,000 to help them survive and grow in tough economic conditions. The organization’s mission-based approach to lending further enhances its ability to lend to minority and women-owned businesses as well as businesses operating in low-to-moderate income communities. CBOF is a nonprofit lender created by the Valley Economic Development Center (“VEDC”) in 2012 through a partnership with UBS. VEDC is national transitional small business lender and established Community Development Financial Institution (“CDFI”) that provides loans to small businesses that cannot obtain financing from a traditional lender.
This effort is part of UBS’s Elevating Entrepreneurs initiative, which provides mentoring services, access to capital and educational opportunities to high-impact small business owners determined to expand and take their businesses to the next level. The program is a joint undertaking of UBS Community Affairs Americas and UBS Bank USA, and is running programs in New York and Los Angeles, in addition to Chicago.
“Chicago has the third largest population of small businesses, and we support its residents’ hard work and enterprising spirit,” said Rosemary Berkery, Vice Chairman of WMA and Chairman of UBS Bank USA. “Chicago Mini Bus Travel and its principal, Letty Vélez, exemplify our mission -- to help small businesses gain access to the tools and capital they need to succeed. On behalf of UBS, we are proud that our partner CBOF is the first lender of its kind to small businesses and hope that this is one of many loans the Fund can make to growing businesses in the area.”