EDC is one of the largest non-profit business development organizations in California, offering direct micro and small business loans, as well as SBA 7(a) and SBA 504 loans. The organization has over 38 years of experience in providing direct financial assistance, business assistance services, entrepreneurial training, and economic development.
With a variety of loan programs to choose from, VEDC has a product to fit your needs.
National Microfinance Fund
VEDC’s National Microfinance Fund was designed to not only support the efforts of microloan organizations in markets VEDC currently serves, but to also improve the economic impact of nonprofit, mission driven lenders across the county. VEDC recognizes the lack of readily accessible capital of these community micro-lenders and the difficulty in providing the much needed resources for small businesses to thrive in their regions, and has created a program to serve as a national intermediary lender to bring the necessary access to capital to microlenders across the nation.
SBA Community Advantage Loan Program
VEDC is approved by the U.S. Small Business Administration as one of the few community-based, mission-focused lenders to accept and process Community Advantage loan applications from small business borrowers. The SBA Community Advantage program is designed to expand access to lower dollar loans and lending in traditionally underserved communities. The SBA and U.S. Department of Commerce studies have shown the vital impact of small loan amounts to small businesses in promoting economic growth in the most challenged markets.
Community Advantage offers a streamlined application process for SBA-guaranteed 7(a) loans up to $250,000. Advantage loans will come with a SBA 7(a) government guarantee, 85% for loans up to $150,000 and 75% for those greater than $150,000.