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Friday, Nov 22, 2024

VEDC, Chase Expand African American Funding

The Valley Economic Development Center and JPMorgan Chase & Co. announced on Friday the expansion of a lending program for African American-owned small businesses in Los Angeles. The VEDC, in Sherman Oaks, seeks to create a $30 million loan fund that Chase, in New York, has contributed $8 million to through its foundation. The money will be loaned to minority businesses in Los Angeles, Chicago and New York in amounts ranging from $35,000 to $250,000. VEDC Chief Executive Roberto Barragan said the nonprofit lender has a proven track record of serving low- and middle-income communities of color. “Approximately 20 percent of our existing portfolio serves the African American community, and we’ve learned a great deal from working with them that we’re applying to this new fund,” Barragan said in a prepared statement. Businesses receiving financing can use the money for expansion, financing equipment, addressing short-term cash flow needs and lines of credit.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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