How Spurlock & Son Found a Financial Partner to Power Their Dreams
Black entrepreneurship has long been a powerful force in the U.S. economy, contributing over $211 billion in annual revenue and employing more than 1.5 million people. But despite their impact, Black-owned businesses face persistent challenges, particularly in securing funding. For many entrepreneurs, access to capital is a pivotal piece that can transform a dream into a thriving business.
For Spurlock & Son, Inc., an electrical contracting firm in Chicago, Illinois, that transformation didn’t happen overnight. It took grit, perseverance, and the right partnerships — including the support of Old National Bank’s Empowerment Small Business Loan Program to get to where they are today. Their journey is one of resilience, generational legacy, and a deep commitment to paying it forward.
From a Dream to a Legacy
When Terrell Spurlock Sr. left the military and trained as an electrician, he knew he wanted more than just a steady job; he wanted to create something bigger than himself. With no capital and a bold dream, he launched Spurlock & Son, Inc. in 1998
“My goal was always to be a job provider,” Terrell recalls. “Growing up on the South Side of Chicago, I wanted to make sure I could give people that look like me an opportunity.”
His wife, Kimberly Spurlock, supported him from the beginning, whose steady paycheck helped keep her husband's new venture afloat in its early days. For two decades, their children, Terrell Jr. and Tatyerra Spurlock-McPherson, watched their parents build the company from the ground up. Today, they all work in a thriving family business. Spurlock & Son is now a true multi-generational enterprise, proving that entrepreneurship can be a pathway to generational wealth and stability.
“We started as a one-man shop,” says Kimberly. “Now, we have 11 full-time employees, and depending on the project, we bring in more electricians from IBEW 134, the union hall. Watching the business grow into something our children can be part of—it’s been a blessing.”
The company provides comprehensive electrical installation and maintenance services for residential, commercial, and public infrastructure projects across Chicago. Their expertise spans both private and public sector developments, with notable contributions to the city's Invest South/West housing initiative. Spurlock and Son also undertake key development projects such as Englewood Connect and Homan Square, which aim to revitalize and strengthen local communities.
The Struggles of Scaling a Business
But just a few years prior, the business was on shaky ground. For years, the company operated on personal funds to cover payroll, purchase materials, and maintain operations with whatever they could pull together. Access to traditional financing was a major hurdle, limiting their ability to bid for larger contracts and scale their business.
“Often in construction, to show you have financial stability, you need a bond,” says Terrell Jr. “But that was always an issue, and we missed out on opportunities.”
The breakthrough for the Spurlocks came at a networking event for minority contractors, where Terrell Sr. met Dwight Nawls from Old National Bank, who introduced him to Giuseppe Veneziano, a Small Business Relationship Manager at the bank who listened to Terrell Sr.’s vision and believed in the potential of Spurlock & Son.
Finding the Right Partner to Power Their Dreams
Unlike other financial institutions that dismissed them, the Spurlocks say Old National took the time to understand their business and challenges. Through the Empowerment Small Business Loan Program, their business secured a line of credit, allowing them to:
- Secure larger, high-value contracts, including a $1.5 million bonded project and a $4 million new construction project that starts mid-2025.
- Ensure timely payroll for employees, keeping their workforce strong.
- Invest in new technology and automation to improve operations.
“The transparency and willingness to work with us set Old National apart,” says Terrell Jr. “When issues arose, Giuseppe didn’t just say no — he helped us find solutions. That made all the difference.”
Monica Rubio, Old National’s Community Lending Market Executive, reflects on her last year with Spurlock and Son, as she’s been impressed with their business and commitment to growth. “Now, they’re discussing even bigger opportunities,” she says.
But Rubio emphasizes that Old National’s commitment goes beyond lending capital, “We’re well aware of the systemic barriers that have historically prevented minority-owned and women-owned businesses from receiving access to capital. The Empowerment Loan Program isn’t just changing businesses; it’s changing lives and uplifting communities by fostering job creation and economic development.”
A Commitment to the Community
For the Spurlock family, success isn’t just about business — it’s about creating opportunities for others. Emphasizing the significance of her father's dream to support the Chicago community, Tatyerra says, "With the business approaching its 30th anniversary, we now have the opportunity to think beyond our family and employees. The question is: how can we take everything we’ve learned and pay it forward?”
And the Spurlocks’ work doesn’t stop there. Motivated by their journey, the family launched Power of People Community Initiatives Inc. (PPCI), a nonprofit dedicated to revitalizing neglected urban spaces into thriving hubs of renewable energy, green infrastructure, and economic opportunity. Still in their first year, PPCI is currently introducing people to the electrical trade and preparing candidates for the union aptitude test.
"We know what the trade has done for our family – putting me and my brother through school, allowing us opportunities to dream," Tatyerra shares. "With PPCI, we hope to take all that we’ve learned and reinvest it into the community, helping others enter the trade and build their own success stories."
A True Partnership for Growth
The journey of Spurlock & Son, Inc. is proof that entrepreneurs don’t just need funding — they need the right partners. With Old National Bank’s support, their story is no longer just about overcoming barriers — it’s about thriving, expanding, and giving back.
For Black business owners looking to scale their ventures, Terrell Sr. offers this advice: “Develop a relationship with a financial institution; you can't do this work without it."
Take the Next Step for Your Business
Are you a small business owner looking for the right financial partner? Old National Bank’s Small Business Solutions provides the support and resources you need to grow. Learn more about business financing opportunities or contact an Old National Community Lending Executive today.
Notes:
The stats cited at the top of the article come from the US Census Bureau's issued press release dated December 1, 2024 - https://www.census.gov/newsroom/press-releases/2024/employer-businesses.html
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