Grant Allows VEDC To Start New Program

A multi-million-dollar grant to the Valley Economic Development Center will allow the organization to launch a statewide lending program for small- and medium-sized businesses. The new Chase Small Business California Loan Program is expected to generate $50 million in new loan capital. Over the next three years, the VEDC plans to make direct loans to 200 businesses that could create at least 2,000 jobs. JPMorgan Chase executives plan to present the grant to the VEDC on Jan. 28 at the organization’s office in Sherman Oaks. State Sen. Alex Padilla and small business loan recipients are scheduled to attend the event. In 2010, Chase increased its small business lending by nearly 40 percent to more than $10 billion and earned the No. 1 ranking among SBA lenders nationwide. The VEDC originates loans totaling more than $35 million annually to local businesses. The nonprofit small business lender has six locations throughout the Los Angeles area. Jessica Vernabe