VEDC has seen an increase in requests for startup business loans under $50,000, more than 90 percent of our inquiries come from businesses that have been turned down for a traditional business loan. San Francisco needs this loan fund.
Los Angeles, CA (PRWEB) December 05, 2012
With support from Comerica Bank, VEDC has partnered with the Mission Economic Development Agency (MEDA) to create the San Francisco MicroEntrepreneur Loan Fund offering microloans under $50,000 to start-up small business owners desperate for capital in San Francisco’s underserved communities and to assist existing small businesses expand.
The City of San Francisco’s economy has not been immune from the adverse effects of the national credit crisis. VEDC recognizes that the credit crunch has disproportionately hampered small business start-ups in the City of San Francisco by depriving them from access to capital and funding needs. With the struggling economic recovery, small business start-ups are being turned down by traditional financial institutions and continue to find themselves financially challenged.
“VEDC has seen an increase in requests for start-up business loans under $50,000, more than 90 percent of our inquiries come from businesses that have been turned down for a traditional business loan,” stated Roberto Barragan, President and CEO of VEDC. “We are proud to partner with MEDA in the Bay Area; they have an intimate knowledge of the community and we share a clear vision of building the economic base. Thanks to the support of Comerica Bank we plan to realize our common goal of creating businesses and jobs in San Francisco.”
The newly created San Francisco MicroEntrepreneur Loan Fund was formed to make credit available to start-ups small business owners who are seeking loans between $1,000 to $50,000 to expand their businesses, generate greater revenues and hire more employees. Working in collaboration with MEDA, these microloans will be available to start-ups and existing businesses seeking to expand their healthy food and green tech offerings. As part of the program MEDA will seek to provide in-depth business consulting services and financial assistance to participating businesses.
“This new product is a key component in the toolbox of services we are offering expanding businesses through our AccelerateSF program”, stated Luis Granados, MEDA’s Executive Director. “Access to capital for entrepreneurs is crucial to allow for business expansion and job creation. This type of flexible, innovative, socially conscious lending is what low income communities need to promote equity in economic development.”
To learn more about the San Francisco MicroEntrepreneur Loan Fund contact Michel Ottalia at firstname.lastname@example.org or Myrna Melgar at email@example.com or begin your application process online at http://www.microloan.org.
VEDC is the leading non-profit small business lender in California and offers direct small business loans as well as SBA 7(a) and SBA 504 loans. For more information on VEDC loan programs visit vedc.org.
Comerica Bank is the commercial banking subsidiary of Comerica Incorporated, a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in California, Arizona, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. For more information visit comerica.com. To find Comerica on Facebook please visit facebook.com/ComericaCares or on Twitter @ComericaCares.