UBIZ Venture Capital Honors Four Successful Black Entrepreneurs as it Launches The Business Growth Institute with a $500,000 Investment from JPMorgan Chase

CLEVELAND, Nov. 1, 2022 /PRNewswire/ -- UBIZ Venture Capital, in partnership with the Urban League of Greater Cleveland, held the Business Legacy Award Reception and launched the Business Growth Institute (BGI), at the Rocket Mortgage FieldHouse.

• Lonnie Coleman, President and CEO of the Coleman Spohn Corp. whose construction projects include Rocket Mortgage Fieldhouse, the Rock and Roll Hall of Fame, and the University Hospitals Ahuja Medical Center.
• Mel Pye, President and CEO of Fairfax Place, 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 CEO of A.E.S. Management Corp., and the owner and operator of 15 Popeyes Louisiana Kitchen locations in Northeast Ohio.
• Tilmon Brown, the chairman 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 quick-service restaurants, 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.

The Business Growth Institute is an initiative to sustain legacy Black businesses in our community. The Institute will also develop more Black-owned businesses in high growth sectors, such as renewable energy, software development, 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. economy, especially here in Northeast Ohio, but they often lack access to capital and resources for growth," said David Allen, Market Team Lead for Northern Ohio at J.P. Morgan Private bank. "JPMorgan Chase's investment will help strengthen the region's workforce, community and local economy."

"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 Institute," said Michael Obi, President of UBIZ Venture Capital. "We are very grateful for funding from JPMorgan Chase 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 to launch the Institute, in addition to its support of UBIZ's economic development efforts since its inception.

Contact:
Michael Obi, [email protected]; 440-212-2567

SOURCE Urban League of Greater Cleveland

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