CAMEO member, Valley Economic Development Center (VEDC), received a $5 million grant from Chase. The money will scale-up VEDC’s capacity to generate the loans small and medium-sized businesses need to sustain and expand their businesses and to hire more Californians.
Roberto Barragan, President of VEDC, said, “This grant will enable us to help even more small business owners in cities and rural areas throughout the state of California.”
VEDC wants to leverage the $5 million grant to generate $50 million in new loan capital. Over the next three years, VEDC plans to make direct loans to 200 businesses that could create at least 2,000 jobs.
VEDC will lend $50,000 to $500,000 to small businesses that:
• Generate $500,000 to $10 million in annual revenue;
• Employ five to 100 people;
• Operate in low-and moderate-income communities and
• Employ low- and moderate-income residents.
VEDC is the largest non-profit small business lender in metro Los Angeles and offers direct micro and small business loans as well as SBA 7(a) and SBA 504 loans. VEDC has a $20 million loan portfolio and almost $40 million under management and originates loans totaling more than $35 million annually to local businesses. With six locations throughout the Los Angeles area, VEDC supports the small business owner for 35 years with the goal of creating and sustaining jobs and businesses in low to moderate income communities by providing high-quality economic development services.