Funding from JPMorgan Chase has enabled VEDC to open the Boyle Heights Capital Access Center to serve as a transitional financial and retail assistance service center in this underserved neighborhood in Los Angeles.
The decision to open an office in Boyle Heights was easy when VEDC found that there are fewer SBA loans made in that area than in any other community in the city of Los Angeles. This particular area has more than 20 check cashing facilities and payday lenders, no credit unions, and only three commercial banks, one of which is Chase, whose funding has made the Boyle Heights outreach possible.
“Chase is thrilled to continue supporting the VEDC, the largest nonprofit small business lender in Los Angeles,” said Sue Baaden, Chase Market Manager of Business Banking in Los Angeles. “Since 2011, we have committed $5 million to this organization, including $500,000 in Boyle Heights, because we believe its mission to promote the economic revitalization of the community mirrors our own goals. Chase is proud to call Boyle Heights home and we will continue to invest in it through philanthropy, community development lending and thousands of employee volunteer hours.’’
Located at 103 N. Boyle Avenue in Los Angeles, the new Boyle Heights Capital Access Center will address the issues many local small businesses face – lack of available financing and business resources. One of VEDC’s primary focuses will be to provide “second chance” loans for borrowers who may not have the credit history to qualify for traditionally underwritten loans. This program will serve entrepreneurs who are low-to-moderate income, lack adequate access to capital and need other resources and education essential for business growth, profitability and success.
“Small businesses are the key to a strong local economy and thriving community,” said Congressman Xavier Becerra (CA-34), Chairman of the House Democratic Caucus. “The Boyle Heights Capital Access Center will give local entrepreneurs the critical resources and capital they need to succeed, create jobs and prosper. Thank you to the VEDC for opening the doors of opportunity through their ongoing investment and commitment to this community.”
VEDC anticipates that the businesses in this area funded through their small business loan program or that receive training and business consulting services will provide jobs for residents of Boyle Heights. It is an integral part of VEDC’s mission-driven culture to address and help resolve the issues facing Boyle Heights, one business at a time.
“We are extremely proud to work with JPMorgan Chase and Congressman Becerra in opening the Boyle Heights Capital Access Center during a time when small business owners are facing disproportionate challenges in securing financing and resources,” said Roberto Barragan, President and CEO of VEDC. “VEDC has been the lender of last resort for many good companies that have struggled during the economic downturn. Our goal is to promote economic revitalization and business sustainability to family owned, retail and commercial businesses in this community.”
You can reach the Boyle Heights Capital Access Center by calling 323-518-2774