Bank of America and VEDC have a strong history of supporting small business owners and we look forward to continuing our partnership by helping entrepreneurs start and build their businesses.
SHERMAN OAKS, Calif. (PRWEB) December 12, 2018
Bank of America Senior Vice President Ray Vasquez presented a $100,000 grant to VEDC Chairman of the Board Scott Aney during VEDC’s National Veterans Small Business Week Celebration and Resource Fair held on November 9, 2018, at the Pacoima Entrepreneur Center. Over 100 local veteran entrepreneurs, emerging small business owners and resource partners participated in small business networking, Access to Capital panel and Guided Business Plan training. The celebration also included recognition awards presented to local veteran-owned small businesses for their community commitment and service.
“Small businesses create economic opportunities by providing job retention and creation and commercial growth in their communities,” said Scott Aney, chairman of the board for VEDC. “Bank of America and VEDC have a strong history of supporting small business owners and we look forward to continuing our partnership by helping entrepreneurs start and build their businesses.”
As a long-time supporter of VEDC, Bank of America has provided over a million dollars in grants that VEDC has used to help small businesses access capital and educational resources to help grow their businesses, thus promoting jobs and economic development in low- and moderate-income communities.
“When new startups and micro-businesses don’t yet qualify for traditional bank capital, we work with community partners like VEDC that has a tremendous track record of providing important technical assistance and microloans critical to getting these entrepreneurs on the path to economic success,” said Ray Vasquez, Bank of America. “As their financial needs evolve and become more complex, Bank of America can then provide the resources and financing options to continue to grow. It’s a powerful partnership for Los Angeles’ business community and economy.”
VEDC is a leading nonprofit small business lender that has a 40-year history of changing the way small business lending is done by making it more available and impactful. With a growing footprint, VEDC has lent $400 million in direct and guaranteed loans to over 108,000 small businesses to create and retain more than 200,600 new jobs. VEDC’s mission, as a certified Community Development Financial Institution (CDFI), is to help create jobs and promote small business development in under-served communities. The organization provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional financing.