Year 2011 Plans to add 500 New Jobs Result of The IL Bridge Fund Business Incubation Program

Top Quote Job creation is the number one need to help people get back to work and get this recovery moving, so The IL Bridge Fund is beginning a Business Incubation program for new and emerging businesses. "This new program will offer financing as well as business mentoring to help the selected businesses attain their goals" says Angelo Sferrazza, President, The IL Bridge Fund. End Quote
  • (1888PressRelease) November 25, 2010 - "New and emerging businesses not only need funding but also guidance, the type of guidance provided by hands-on professionals who have been working their businesses for many years. This is one of the reasons behind the development of The IL Bridge Fund Incubation Program for new and emerging businesses. We want the businesses to be successful, therefore sometimes they not only need funds, but also advice on growing their business", says Angelo Sferrazza, President, The IL Bridge Fund.

    One component of The IL Bridge Fund Incubator Program will be the Educational Financial and Mentoring Program for emerging and existing businesses that are seeking funding and information for growing their business. The IL Bridge Fund currently provides 'Bridge Funding' for businesses that need more timely funding, with less stringent lending criteria, until more permanent institutional funding can be secured.

    According to Mr. Sferrazza, institutional credit is still behind the curve in lending money to emerging businesses, regardless of the market demand for products and services. "The recent regulations for business lending criteria have made it extremely difficult for small businesses to acquire funds for business expansion" says Mr. Sferrazza. "I believe that there is an important need for someone to advocate for the small businesses in the State of Ohio and beyond. We believe The IL Bridge Fund Incubator Program will add in the development of more small businesses and create many new jobs in the process".

    It should be easier for business to find funding to ensure success in the communities around the county and further improve economic development," Mr. Sferrazza commented. "This is why the 'Bridge Lending Programs" were developed to supply 'short-term' financing for those businesses who need more timing funding, and financial educational mentoring when needed." A recent survey of past and current clients who benefited from the IL Bridge Fund gave credence to this belief. With funding from the Fund, 22 businesses were able to have a median impact on 320 individuals in JOB CREATION or family and community economical benefit. These results are directly in line with the 'Jobs Ohio' initiative.

    These individuals ranged from the employer and employees to the industries and suppliers. Clients questions addressed the need for timelier funding programs and flexibility on the criteria used in the decision making process. Almost all agreed that seeking funds in today's climate is both frustrating and difficult or non-existent.

    The IL Bridge Fund was created by Angelo Sferrazza in 2009. The IL Bridge Fund, an Ohio Limited Liability Company, is the funding source for Mid-market Emerging and Existing Companies and Real Estate Investors that have valuable marketable assets that can be used to secure an initial bridge loan (short-term). This approach to funding provides the time needed for companies to secure more permanent funding from an institution, or investment organization. The IL Bridge Fund has funded millions of dollars in transactions to date.

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