The non-profit Valley Economic Development Center (VEDC) is providing small business loans to business owners who lack access to traditional financing by offering microloans to new and existing businesses beginning at $1,000 to $25,000. This new “ACCION USA Microloan” program will service the small business community throughout Los Angeles County with a strong emphasis on underserved Hispanic communities. VEDC has always been able to fund loans for business owners who have been turned down by banks by providing true business loans.
This microloan program is an alternative to credit cards with high interest rates, friends and family or other lending organizations such as Confianza that offer 18% interest loan products. With a real business loan from VEDC, you will have a set monthly payment with an annual interest rate of 10.5% — much less than the 23 – 49% Progeso Financiero charges California residents for a loan. VEDC understands the hard-working culture of the Hispanic community and wants to empower the small business owners to find a better interest rate and help make their dream a reality. VEDC microloans are not FICO driven – your loan analyst will walk you through the application process, each client is looked at on an individual basis.
VEDC knows that everyone has been hit hard by the down economy; that is why each application is examined on a case by case basis. VEDC has been working with small business owners for 35 years and understand the challenges they face. “We are so thankful to VEDC, not only for the funding but assigning a loan officer who is committed and takes the time to evaluate our financial history and to give us the best financial option to sustain the business’s growth,” said Paloma Gold, Director of Dignidad y Esperanza Family Center. “She explained that this loan would be the start of our credit history, allowing us to possibly grow in the near future.” VEDC also offers training to small business owners.
If you are looking to start a business or expand your training is available at little or no charge. VEDC is committed to offering small business owners the training you need to give your business the best chance at success. If you already have a business and are looking for capital to move ahead, VEDC has small business loans available up to $700,000. If you are ready to start your own business or to take your business to the next level don’t wait. Visit www.microloan.org and start the process today! VEDC is Los Angeles’ largest non-profit business development corporation and small business community development financial institution, with six offices statewide. To learn more, visit www.vedc.org.