South LA nonprofit offers business assistance and affordable loans to minority and women-owned businesses
LOS ANGELES, June 7, 2022 /PRNewswire/ — Vermont Slauson Economic Development Corporation has received a generous $100,000 Silicon Valley Bank grant to support small businesses and underserved entrepreneurs in South Los Angeles. The funds will go directly to the organization’s CDFI Revolving Loan Fund, which helps revitalize the South LA community by providing affordable loans to minority-owned small businesses.
Silicon Valley Bank was also the title sponsor of the recent grand opening of VSEDC’s South LA Best Buy Teen Tech Center, a 1,200 square foot tech incubator for teens and young adults.
“VSEDC is thrilled and grateful for Silicon Valley Bank’s support of the diverse and hardworking small business owners of South Los Angeles“says the CEO of VSEDC, Joseph T. Rouzan, III.“For too long, our community has been neglected and underserved. Our partnership with Silicon Valley Bank represents a renewed commitment to creating an economically sustainable region.”
Based in the heart of South LA, VSEDC has been serving minority and women-owned small businesses in the area for over 40 years. The non-profit organization works to create an equitable future and a thriving local economy through one-on-one technical assistance and economic development services. In 2018, VSEDC became a non-traditional CDFI lender with a revolving loan fund to inject capital into the local economy. VSEDC’s Affordable Small Business Loans provide funds to businesses that have historically not been eligible for loans from traditional lenders, such as banks.
“Small businesses are vital to our communities, but they often struggle to get the capital and support they need to thrive,” said Craig Robinson, head of corporate social responsibility at Silicon Valley Bank. “We are thrilled to support the essential work of VSEDC to put funds in the hands of people of color and women business owners in South Los Angeles.”
Vermont Slauson Economic Development Corporation (VSEDC) is a non-profit community development and financial institution (CDFI) recognized for decades of technical and entrepreneurial assistance to small businesses, start-ups and entrepreneurs in South Los Angeles. The services provided by VSEDC serve to stimulate community self-sufficiency, facilitate business growth, access to affordable housing, goods and services, and job creation. The VSEDC achieves this through youth education, a basic business training program, individual business assistance and small business loans. Learn more about VSEDC at www.vsedc.org, Facebook and Twitter.
Bank of Silicon Valley, the world’s most innovative corporate and investor bank, provides commercial banking services, expertise and knowledge to the technology, life sciences and healthcare, private equity, venture capital industries and premium wine. Silicon Valley Bank operates in innovation hubs around the world and is one of SVB’s core businesses along with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps meet the unique needs of its dynamic, innovative, and rapidly growing customers. Learn more aboutsvb.com.
SOURCE Vermont Slauson Economic Development Corporation