VEDC Receives $750,000 Federal Grant

The Valley Economic Development Center has been awarded a $750,000 grant to support its small business lending programs and stimulate local economic growth. The grant was awarded by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The group’s grant represents one of the largest received in Los Angeles through the fund. “During the current economic crisis, when small business owners are facing overwhelming challenges in accessing capital and creating jobs, these funds combined with the Goldman Sachs 10,000 Small Business Loan Program will allow VEDC to play a critical role in providing access to capital and creation of jobs in our communities,” said Roberto Barragan, the organization’s president. The CDFI Fund received 408 applications from organizations across the nation requesting more than $467 million in funding under the fiscal year 2010 round. Of those applications, 322 requested more than $458.9 million under the Financial Assistance Program and 86 requested more than $8.4 million under the Technical Assistance Program. The CDFI Fund invests in community-based lending organizations that serve urban and low-income populations. It receives applications on an annual basis and awards funds through a competitive process. Jessica Selva