Urban League Works to Accelerate Northeast Ohio Black Business Growth
By Tom Breckenridge, WVXU
Business owner Terrell Dillard said his two companies "were busting at the seams" when he went out for a six-figure loan in 2022. The former banking executive knew the commercial lending landscape but didn't take the usual route. Instead, he turned to the Urban League of Greater Cleveland and its UBIZ Venture Capital fund.
Dillard knew the Urban League, and they knew him. Dillard once taught Urban League-sponsored classes to new business owners. He said he’s had long, fruitful relationships with the Urban League and its mainstays, including UBIZ President Michael Obi.
There are 92 Urban League affiliates in the U.S., but only a few operate loan funds. Launching the UBIZ fund in 2021 was the finishing touch for the local Urban League’s Entrepreneurship Center services, which range from teaching business-startup basics to lending money so small businesses can grow. In addition, accelerator programs boost minority-owned restaurants, construction companies and women-owned businesses.
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ResultUBIZ has made more than $2 million in loans to small businesses and $400,000 in grants to businesses participating in accelerator programs.