The Valley Economic Development Center received a federal $953,806 grant to support its program providing loans to small businesses.
The money is part of an overall $186 million from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund given to more than 200 organizations serving low to moderate income communities.
“In a climate where small business owners are facing overwhelming challenges CDFIs are becoming the lender of choice,” said VEDC President & CEO Roberto Barragan said in a prepared statement. “These funds will allow VEDC to play a critical role in extending access to capital and support in the creation of jobs throughout California.”
The VEDC has six locations in the San Fernando Valley, the greater Los Angeles area and in San Francisco supporting small businesses with access to loans.
Mark R. Madler