UBS is rolling out its Small Business Advisory Program in Los Angeles and Chicago after a successful program in New York City. The company pairs 10 small businesses in each city with a UBS Financial Advisor and a UBS client who is a highly successful entrepreneur in the field. Ideally, the businesses chosen have $2 million or more in annual revenues, have a track record of growth, are minority-owned and/or located in an underserved community, and have been in operation for three or more years.
Over the course of six months, the mentor teams meet with their small business regularly to develop goals and plans that will help position the company for future success. While the definition of success is defined by the individual company and its mentorship team, metrics can include revenue growth, jobs protected or created, new capital gained, or new business or contracts. UBS is also adding a lending component to the program in Chicago and Los Angeles. After the pilot program in New York, UBS found that many participants wanted and needed capital. UBS realized there was a gap in the market for lending to small businesses and decided to fill this gap by offering a lending component in the programs in Chicago and Los Angeles. UBS is offering $10 million in loans in Los Angeles and $5 million in Chicago. Each loan offered will be between $50,000 and $250,000, and businesses outside of the program will be eligible to receive loans.
After the official six-month programs are finished, UBS mentors will continue to check-in with their teams. At the end of the program, each company will participate in an exit interview, outlining further future goals. As needed, UBS mentors will check in with the company to provide assistance in reaching these goals.
To implement this program, UBS is teaming up with the City of Los Angeles and Chicagoland Chamber of Commerce. These partners will help UBS to engage with the small business community, as well as wider economy, in these metro areas. In addition, they will source small businesses owners for the Advisory Program and provide ongoing support to the mentee businesses, including access to their vast network and small business resources, as well as potential media opportunities, both during the program and after the active mentorship phase concludes.
Ideal criteria for selection:
- $2 million or more in annual revenue
- A track record of growth
- Minority owned and/or located in an underserved community
- Minimum of three years in operation
- Good credit standing with a previous or existing business banking relationship.
- One, hour-long meeting per month with small business and mentor team
- Monthly check-in calls with UBS program leaders and program partners (Chicagoland Chamber of Commerce and Mayor's office of L.A.)
- Each small business owner will attend five UBS events, including a meet and greet with UBS representatives, kick-off dinner event (6/7), two breakfast workshops (7/25 & 11/14), and a closing dinner (12/13)
- Companies will share financial information and all necessary company documents with mentors
- After program is completed, companies will participate in exit interview to outline further goals.
- UBS will regularly check-in with the small businesses and conduct reviews mid-way through and at the end of the program.
- Each company will have an exit interview in which the company will determine its future goals. The mentorship team will check in on the company periodically after the program is over to help the company reach these goals.