Preview: Turnover at the Top for VEDC

Valley Economic Development Center is navigating a bout of executive instability, having lost three top officers – including the chief executive – in the last month. In addition, rounds of layoffs at the Sherman Oaks nonprofit have shrunk its payroll to about 40 employees, down from 95 about a year and a half ago. But despite the challenges, the organization plans to move forward with its mission. VEDC was founded in 1976 to provide capital for small businesses that are unable to secure loans from traditional lending services like banks. The organization started by providing loans to underserved communities, such as the Latino and African American small business market. In addition, the company provides educational seminars for small businesses including marketing workshops and business tax resources. VEDC Board of Advisors Chairman Nishen Radia said while the organization is going through some operational changes, the core business remains stable. Read the full story in the Aug. 21 issue of the San Fernando Valley Business Journal.