Goldman Sachs Providing Business Loans to VEDC

San Fernando Valley small businesses will soon be able to access loans from Goldman Sachs Group Inc. through the Valley Economic Development Center, the banking investment and securities firm announced. The VEDC will be the first community development financial institution in Los Angeles County to receive financing through the company’s “10,000 Small Businesses” initiative, which is set to start in August. The program will make a $20 million in lending capital available to small businesses in the Los Angeles metropolitan area. The VEDC is expected to receive a $1 million grant and $5 million for its loan fund, said Warren Cooley, vice president of the organization. The program also partners with Los Angeles City College and the Long Beach Community College District to offer free business and management education to help small-business owners develop business growth plans. Los Angeles Southwest College will serve as an education partner that focuses on assistance for minority and low-income business owners in South Los Angeles, the statement said. Support services – such as business advice, technical assistance and networking – will be available to participating small businesses through partnerships with community colleges and national and local business organizations. The initiative is designed for small businesses with limited financial resources, according to the statement. Broad characteristics of potential participating businesses include, but are not limited to: business revenues between $150,000 and $4 million in 2009; business operation time of at least two years; employment of at least four people; operations in economically underserved areas; and a business model that could scale to create more jobs. Jessica Selva