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UBS provides $20 million in alternative financing for small business in the New York Metro Area
New access to capital through Tri-State Business Opportunity Fund extends UBS’s Elevating Entrepreneurs program to help create jobs and strengthen local economies
New York, NY- UBS today announced the funding of a significant small business loan program through the Tri-State Business Opportunity Fund (TBOF), a lending vehicle for small businesses in the New York Metro region. Located in New York City, TBOF will provide up to $20 million of alternative financing solutions for qualified small business owners in New York, New Jersey and Connecticut seeking loans of $50,000 to $500,000. With the New York Metro area having the largest population of small businesses in the United States, TBOF meets an important need for this market, as such funding is not readily accessible.
TBOF is a nonprofit lender created by the Valley Economic Development Center (VEDC) in partnership with UBS. VEDC is a transitional small business lender and established Community Development Financial Institution. TBOF demonstrates UBS’s ongoing commitment to provide resources for existing small businesses positioned for growth and is part of UBS's Elevating Entrepreneurs program. Elevating Entrepreneurs is a joint undertaking of UBS Community Affairs & Corporate Responsibility, Americas and UBS Bank USA.
“We are proud to be expanding Elevating Entrepreneurs to include a new funding source for small businesses in New York, New Jersey and Connecticut," said Bob McCann, CEO of UBS Group Americas. “By providing growing companies with the capital they need to prosper and create jobs, UBS is not only helping them succeed, we’re helping America succeed.”
“Small businesses are the key to a strong local economy and thriving community, and VEDC has a long history of supporting small business owners,” said Monique Fortenberry, District Director of the United States Small Business Administration.
Roberto Barragan, President and CEO of VEDC, added: "Across the New York Tri-State area, there is an overwhelming need for funding among high-potential small businesses who have a clear vision for growth, but are unable to execute their strategy because of limited access to capital. We are thrilled to launch TBOF to address this critical gap in the market, help entrepreneurs expand their companies, and ultimately create jobs.”
Through a separate $5.5 million multi-year grant, UBS is supporting VEDC's national expansion efforts. Alongside the $20 million in the New York metro area, a total of $35 million in capital is now available for loans to small businesses in Connecticut, New York, New Jersey, California, Illinois, Nevada and Utah. To date, $6.4 million has been loaned to 28 small businesses, which has resulted in the creation of 453 new jobs.
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Notes to Editors
UBS draws on its 150-year heritage to serve private, institutional and corporate clients worldwide, as well as retail clients in Switzerland. Its business strategy is centered on its pre-eminent global wealth management businesses and its leading universal bank in Switzerland. Together with a client-focused Investment Bank and a strong, well-diversified Global Asset Management business, UBS will expand its premier wealth management franchise and drive further growth across the Group.
UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 35% of its employees working in the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS employs about 61,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
About UBS Bank USA
UBS Bank USA is a Utah industrial bank regulated by the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. Based in Salt Lake City, Utah, UBS Bank USA offers FDIC-insured deposit accounts, as well as credit cards, mortgages and securities backed loans. UBS Bank USA is a wholly-owned subsidiary of UBS AG, one of the largest asset managers globally.
About UBS Community Affairs & Corporate Responsibility, Americas
UBS Community Affairs & Corporate Responsibility, Americas is dedicated to providing under-resourced, high-potential individuals with access, advice, and education to help develop more enterprising local communities. This is achieved through national programs, local giving and volunteer opportunities. UBS Community Affairs & Corporate Responsibility, Americas is committed to working together with its business partners globally to help drive real change.
About UBS’s Elevating Entrepreneurs Initiative
Elevating Entrepreneurs (EE) is a UBS initiative that aims to empower under-resourced, high-potential small business owners in communities across the United States with access to resources that are seldom available to companies of their size. Through this program, UBS provides small business owners with high-impact business mentoring, access to capital as well as education and networking opportunities to help them grow their companies, create jobs and develop more enterprising local communities.
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 due to their small size. VEDC's mission-based approach to lending enhances its ability to lend to minority and women-owned businesses, as well as those operating in low-to-moderate income communities. For more information, visit www.VEDC.org.