Los Angeles, CA, Sept 23, 2015— VEDC President and Chief Executive Officer Roberto Barragan has been appointed to the Federal Reserve Board’s newly created Community Advisory Council (CAC).
Barragan and the other 14 members of the expert advisory council will meet semiannually with the Federal Reserve Board in Washington, DC to offer advice and recommendations on the economic circumstances and financial services needs of consumers and communities, with a particular focus on the concerns of low- and moderate-income consumers and communities. The first CAC meeting will be held November 20.
“Access to capital in underserved communities remains a serious challenge despite an improving economy,” Barragan says. “I am honored to join the Federal Reserve Board’s Community Advisory Council and to share ideas about how we can create stronger, healthier communities through greater access to capital.”
Under Barragan’s helm, VEDC has grown from an organization focused on economic development in the San Fernando Valley area of Los Angeles into one of the country’s leading small business lending and development organizations for women and minority entrepreneurs in underserved communities. Today, VEDC has a $35 million small business loan portfolio and offices in California, Chicago, Miami, Las Vegas, and the New York Tri-State area (New York, New Jersey, Connecticut). VEDC has lent $380 million in direct and guaranteed loans to 104,000 small businesses and created more than 28,000 jobs over the last 38 years. Eighty percent of VEDC borrowers are women and minority business owners.
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available and impactful. As a certified Community Development Financial Institution (CDFI), VEDC’s core mission is to help create jobs as well as to promote economic development and prosperity in under-served communities by providing loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional bank financing. VEDC’s expanding portfolio is composed of community-based loan funds in California, Illinois, Nevada, New Jersey, Connecticut, Florida and New York. For more information visit www.vedc.org