Issue link: http://latinschool.uberflip.com/i/510699
30 D a Lobsta, the Chicago seafood restaurant known for its lobster rolls, had existing locations in the Gold Coast and the West Loop but wanted to buy a food truck. Enter Bolstr, the marketplace lending platform site Charlie Tribbett '02 co-founded with friend Larry Baker; Bolstr links investors with entrepreneurs. "Da Lobsta raised $70,000 in five days from four investors for the truck," Tribbett explained enthusiastically. "ey paid that loan back early, then raised $150,000 in two hours from the same four investors to open a third location in River North." Tribbett's excitement about Bolstr's impact on entrepreneurs is tempered only by his humility. He is genuinely happy to help small businesses grow. When the economy began to tailspin in 2008, Tribbett and Baker, who met at JP Morgan while Tribbett was an intern, saw an opportunity. In 2012, they launched Bolstr. "Our intent is to solve the access-to-capital problem for small businesses," Tribbett said. Helping small businesses find capital "contributes to economic growth and job creation." In 2014, fledgling Bolstr completed 10 deals, with a focus on Chicago businesses. Now, in 2015, the tech startup has completed 20 deals and works with businesses across the country. Raised on the North Side, Tribbett grew up going to his neighborhood dry cleaners and pharmacy. When he visited Chicago while living in New York, those small businesses had closed. Watching what was happening inspired him. "It became personal for me," Tribbett said. Bolstr focuses on the consumer retail and manufacturing industries. Its approach is more accessible for small businesses than traditional lenders that mainly rely on FICO scores when investigating credit worthiness. Bolstr also looks at Yelp reviews, "Likes" on Facebook, economic trends and other indicators. e company uses an innovative loan repayment model, in which investors are repaid each month based on a set percentage of revenue. "For the investor, it is an uncapped rate of return. For the business, they pay a higher rate of return only when business is good," Tribbett explained. Bolstr is a reflection of Tribbett's personality. He works hard, helps like-minded passionate entrepreneurs, and is continually learning. In his junior year as a history major at University of Virginia, Tribbett decided to pursue finance jobs even though he had no formal education in this area. He credits his 14 years at Latin for giving him the foundational skills and the confidence to take on the unfamiliar and learn on his feet. Similarly, Tribbett learned about technology and starting a business as he was in the process of developing Bolstr. Tribbett said his Latin years have had a huge impact on his approach to life and career. e school not only strengthened the work ethic he said he inherited from his parents, but instilled in him organizational skills and discipline. "It wasn't just in the classroom," he said. "Even in water polo and basketball, my coaches taught me discipline." Tribbet believes that this combination of discipline, individualized attention and support from teachers, and the many opportunities that were available to him at Latin, instilled the entrepreneurial drive in him. His advice for today's students: "Take advantage of everything. e work may not always be easy and fun, but it is an investment in yourself." Charlie Tribbett '02 It wasn't just in the classroom. Even in water polo and basketball, my coaches taught me discipline."