Real estate developers and city planners agree: successful small businesses are
the livelihood of a thriving community, creating sustainable jobs and
strengthening incomes for area residents. Despite how integral new industry is
in transforming distressed areas into socially vibrant and economically
healthy neighborhoods, many entrepreneurs in minority and low-to-moderate income
neighborhoods struggle to secure the necessary loans from standard banking
institutions. Acting as an alternative source of funding to larger lenders, the
national network of Community Development Financial Institutions, or
CDFIs, work to deliver responsible, affordable lending to help disadvantaged
people and communities join the economic mainstream.
A Community Development Financial Institution
is a designation from the federal government that allows
an entity to provide technical assistance and access to capital.
By financing community businesses, nonprofit organizations, commercial real estate, and
affordable housing, CDFIs sparke job growth and retention in hard to serve
markets across the nation and for over 40 years they've had a proven track
record of making an impact in those areas of America that need it most.
Our mission starts with businesses who have not been able to get credit
elsewhere. Those that are looking to grow and expand, those that are looking to
create jobs, are perfect for our portfolio.
Established in 1976, VEDC is
the Los Angeles CDFI and Small Business Resource, guiding entrepreneurs through
the ins and outs of alternative financing educational services and job
creation. VEDC has lent over $400 million dollars in direct and guaranteed
loans to over 100,000 small businesses, helping to create and retain more than
200,000 new jobs.
We believe every entrepreneur has a chance that create a
successful business. With the right input, with the right knowledge, the right
financing, they can create something that really is wonderful for their community.
We have a number of locations across San Fernando Valley and in LA to help those
small business owners right where they're located.
VEDC is changing small business lending and education
making it more available and impactful
and building programs that directly target new industry trends and the
appropriate business owners in those categories. Its development team is
uniquely trained to provide support and assistance to any entrepreneur who needs it
as well as financing solutions that stay at or below market value
for the widest reach possible.
Our services are free so all of the technical assistance,
education, networking, coaching, etc., they're all free services available to you.
Education is essential for small business owners. Nobody is born with all
this business skill so starting a business is always a big challenge.
Here we do a lot of technical assistance, a lot of workshops that help them develop
those skills that will put them in the right place for a successful small business.
They come and they want to learn about licenses and permits and the
regulations and we're able to guide them and hold their hand. If we work with them
in a one-on-one, we build that confidence to become the business owner that they're supposed to be.
Starting a small business is hard. CDFIs can help.
And through various partners across the country, VEDC can provide loans that
fit your needs perfectly.
Dance is my entire life. It's been my
life since I was a kid and I knew I wanted to own my own business by the
time I was 10. I loved empowering my young dancers. My favorite thing about
the VEDC is it's like an extended family and they treat me like a person not a
number. Anytime I've needed anything I give them a call and they'll listen to me
they'll help me. I highly recommend the VEDC for any business owner who is
trying to seek funding to either start, grow, or expand their business.
They're willing to take a risk on the small people, the people who can't get the bank
loans. If you get told no and your credit score is bad and you have nowhere to go
I do recommend the VEDC because they will listen and they will help you.
We're looking to create quality jobs going forward, jobs with reliable scheduling
with the ability to earn an income such that the employees can own a home, have a
retirement fund. VEDC is open to everybody to come and apply.
There is a path to growing a business and having a successful business even if you've been
declined by a bank. There are CDFI across the country ready to help you.
We'll get you ready for success.
CDFIs are enriching communities by making
small business dreams a reality. If you are a Los Angeles entrepreneur seeking
support for your business, contact VEDC today. Call 1-800-304-1755, or
apply for support online at vedc.org.
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