About the Business
Building Up is a full-service general contracting firm founded in Toronto, Ontario. Based on a non-profit social enterprise model, Building Up provides training in the construction trades for people facing barriers to employment.
About the Loan
In January 2019, Building Up was poised for growth with steady orders coming in and a pre-apprenticeship training program providing participants with valuable work. The challenge was that delay in receiving payments on completed projects was preventing them from investing in the next. VCIB extended a $250,000 line of credit to help improve the organization’s cashflow allowing them to scale and keep up with the demand.
About the Impact
With the line of credit secured, Building Up has had a safety net to support growth. Since accessing the line of credit, Soberano estimates that Building Up has expanded by 50%, allowing the social enterprise to double the number of pre-apprenticeship trainees they work with. In addition, the financial security has given the organization the flexibility to purchase several company vehicles and add core management staff, including a Director of Case Management and an additional social worker — roles that help to drive impact.
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