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Sunday, May 26, 2024

Sherman, VEDC Secure Pacoima Training Grant

By Thom Senzee Contributing Reporter Programs aimed at nurturing economic mobility among the San Fernando Valley region’s lower-income residents just got $686,000 richer, thanks to a grant secured by United States Congressman Brad Sherman. The grant was obtained with the support of the Valley Economic Development Center. Its proceeds will be used to fund the Pacoima Training Center Project, and will be used to continue training and hiring programs for Northeast Valley residents at local supermarkets. “The San Fernando Valley Financial Development Corporation is committed to providing low-income residents in the San Fernando Valley with job training and placement opportunities in order to help them become self-sufficient members of our community,” said Sherman. The San Fernando Valley Financial Development Corporation is the grant’s formal recipient. The U.S. Department of Health and Human Services Office of Community Services issued the award. According to a press release issued by VEDC, its allied program, SFV-FDC, will assist low-income and TANF (Temporary Aid for Needy Families) recipients overcome obstacles it says preventing some people from entering the workforce. Services supported by the grant include: job readiness assessment, career counseling, job training, referrals to other resources and financial literacy. One goal is to provide participants with access to financial services such checking or savings accounts. According to officials, the project will assist low-income individuals in developing the job skills necessary to ” strengthen their families and promote self-sufficiency through employment.” The SFV-FDC, working in partnership with VEDC, administers the State Loan Guarantee Program with the support of the California Business Transportation and Housing Agency. The California Loan Guarantee Program enables businesses to obtain term loans, lines of credit or letters of credit for which they could not otherwise qualify. Since its inception, SFV-FDC has secured bank loan guarantees for 164 local businesses totaling over $30 million in loans. According to VEDC, the results of those efforts include the creation and retention of 3,200 jobs in Los Angeles and Ventura County area. The SFV-FDC is also a Certified Development Company with direct ability to provide commercial real estate financing with a down payment of as low as 10 percent for owner-operators.

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