Van Nuys , CA — The United States Treasury Department announced that VEDC (Valley Economic Development Center) will be the only community lending organization in Southern California to receive funds during this final wave of distribution through the Small Business Lending Fund (SBLF). The SBLF was established as part of the Small Business Jobs Act encouraging community lenders to increase their lending to small businesses, helping them expand their operations and create new jobs. Small businesses play a critical role in the U.S. economy and are central to recovery and job creation.
The Small Business Loan Fund was designed to help small businesses access the capital they need to invest and hire. VEDC is a well known community lender supporting small business owners with funds and training to be successful. The $661,000 VEDC received from the U.S. Treasury will be used to make small business loans in underserved communities.
VEDC offers a variety of loan programs for all types of businesses including:
- Microloans for start-up and existing businesses as low as $1,000 up to $50,000
- Small Business Loan Programs covering businesses throughout California with loans beginning at $50,000 up to $700,000
- SBA Community Advantage 7 (a) and SBA 504 loans available for a multiple uses including major equipment and commercial real estate
“Billions of dollars in SBLF funds are now being put to use in communities all across the nation, spurring small business growth and job creation,” said Deputy Secretary of the Treasury Neal S. Wolin. VEDC’s experience in economically challenged markets, along with their lending and technical assistance expertise to help make their borrowers successful puts them in line with the core philosophy of the Small Business Loan Fund. “This recognition and affirmation from the U.S. Treasury Department is one more step in VEDC’s statewide expansion and our goal of bringing financial resources and technical assistance to underserved communities in California,” said Roberto Barragan, VEDC President and CEO. “This program was designed to support job creation and retention, entrepreneurship, investment and growth which are all important aspects of what VEDC has to offer.”