Four women among first recipients of new ‘Microloans for Micro-Entrepreneurs Program’ presented by VEDC and Avon LLC on March 13, 2017.
Sherman Oaks, CA – Four entrepreneurs were among the first recipients of the Microloans for Micro-Entrepreneurs Program developed for home businesses by VEDC – a non-profit small business lender founded in 1976. The one-day educational seminar and salute to micro-entrepreneurs was held in partnership with New Avon LLC at VEDC’s Los Angeles, CA offices.
Alex Guerrero, VEDC’s Chief Development Officer, along with Angela Banuelos, Program Director of VEDC’s BusinessSource Centers, were presenters at the event, which featured home business experts from the non-profit and New Avon LLC. “We had seven entrepreneurs in attendance, including our four Avon microloan recipients, who joined us for discussions on everything from how to develop a successful business plan to the ever-changing ‘ins and outs’ of e-commerce,” Guerrero said.
He believes the Microloans for Micro-Entrepreneurs program fills a void in the marketplace for home business owners needing to secure small, more affordable microloans that may not otherwise be available to them.
“The Microloans for Micro-Entrepreneurs Program was designed expressly for entrepreneurs in communities for whom loans of $500 to $2,500 would have a positive impact on their home businesses,” he said. “From additional working capital, to equipment repair, to purchasing inventory such as Avon products – these microloans are a welcomed relief from tremendously costly payday loans. He pointed out that unlike payday loans, the VEDC application process is transparent, straightforward and more affordable. “Other microlender products often carry market-rate APRs and terms up to three years.”
Among those receiving $500 microloans from the VEDC were Eusebia Hernandez, Morena Gomez, Blanca Maria and Martha Maradiaga. “While their businesses may be small, their dreams are big,” he said. “The VEDC has a 40-year history of changing the way small business lending is done, so we fully understand the tremendous value of home businesses to the community.” He added that having Avon as a partner is another huge bonus for local home business owners in under-served communities. “Avon has an amazing 130-year history of empowering women through economic opportunity. I think that speaks volumes.”