LOS ANGELES, September 23, 2016 – VEDC will celebrate its 40th anniversary with a September 24 gala honoring the achievements of women entrepreneurs. Honorees at the event at Grand Park in downtown Los Angeles will include Rep. Maxine Waters (D-CA43), Wells Fargo Bank, JPMorgan Chase, UBS, and SouthWest Moulding owner Noemi Prado.
Founded in 1976, VEDC is trusted by loan clients, banks that refer clients, and funders across the United States as a vital source of capital for small business loans and micro-financing for entrepreneurs unable to qualify for traditional bank financing. VEDC’s goal is to create and sustain jobs and small businesses in under-served communities. The nonprofit VEDC has loaned more than $400 million to 108,000-plus small businesses and created more than 200,000 jobs over the past 40 years. Approximately 75 percent of VEDC clients are low-to-moderate income (LMI), with more than 70 percent minority and women entrepreneurs.
“For 40 years, VEDC has passionately supported small businesses and trained generations of entrepreneurs across the nation,” says VEDC President and CEO Roberto Barragan. “By making small business dreams a reality, communities are enriched.”
VEDC was originally known as Vitalize Van Nuys Inc., coordinating the completion of nearly $6 million in commercial improvements to the Van Nuys Business Corridor. The name Valley Economic Development Center (VEDC) was adopted in 1989 to reflect a broader focus on the entire San Fernando Valley. Following the 1994 Northridge earthquake, VEDC received a $6 million grant from the federal Economic Development Administration that helped Valley small businesses rebuild.
Today, VEDC offers a wide range of alternative lending programs, including:
- Microloans – $1,000 to $50,000
- Small Business Loans – $50,000 to $700,000
- SBA 7(a), including Community Advantage Loans – up to $2 million
- SBA 504 Commercial Real Estate Loans – up to $5 million
VEDC also offers special loan programs for African American entrepreneurs and U.S. military veterans.
VEDC provides existing and start-up businesses with individualized assistance during the loan application process, along with finance, accounting, technology, marketing, procurement, and other business assistance after the loan has been granted. This comprehensive approach to alternative lending increases the likelihood of success for businesses and reduces the risk of loan defaults.
For more information about VEDC’s 40th anniversary gala, please visit vedc.org/40years. Sponsors for the gala include Wells Fargo, UBS, JPMorgan Chase, Travelers, Bank of America, Cathay Bank, US Bank, Capital One, Citi Community Development, Comerica Bank, Union Bank, City National Bank, Goldman Sachs, and California United Bank.
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VEDC is a leading non-profit small business lender that has a 40 year history of changing the way small business lending is done by making it more available and impactful. With a growing footprint, VEDC has lent $400 million in direct and guaranteed loans to over 108,000 small businesses to create and retain more than 200,600 new jobs. VEDC’s mission, as a certified Community Development Financial Institution (CDFI), is to help create jobs and promote small business development in under-served communities. The organization provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional financing. VEDC’s expanding portfolio is composed of community-based loan funds in California, Illinois, Nevada, Utah, New Jersey, Connecticut, Florida and New York. Learn more about VEDC services by visiting www.vedc.org.