Wells Fargo Shows Support for VEDC Statewide Business Growth Program

FOR IMMEDIATE RELEASE July 8, 2010 PRESS RELEASE Contact: Lisa Winkle, VEDC Public Relations Coordinator (818) 907-9977 lwinkle@vedc.org Wells Fargo Shows Support for VEDC Statewide Business Growth Program VAN NUYS, CA – VEDC (Valley Economic Development Center) has received $175,000 from the Wells Fargo Foundation to continue VEDC’s Statewide Small Business Growth Program across the state of California to meet the capital needs of businesses and to assist in their growth during this economic downturn. For the past ten years, Wells Fargo has played a critical role in supporting VEDC’s mission and has invested in establishing many projects that have helped VEDC assist businesses throughout Los Angeles County, and now throughout the State of California. The Statewide Small Business Growth Program implemented by VEDC is a capacity building initiative primarily focusing on business development and access to capital. Through community partnerships, VEDC will provide entrepreneurial consulting, training workshops and access to capital business expos in three major markets over a one year period. VEDC President, Roberto Barragan said, “VEDC is exceedingly proud to partner with Wells Fargo in this time of severe credit crunch and high statewide unemployment. This Statewide Small Business Growth Program will prove vital in promoting access to capital to small businesses which are expected to be the source of new jobs in the immediate future. VEDC looks forward to working with community organizations in San Francisco to host our signature event Where’s the Money Access to Capital Business Expo in November 2010, and in San Diego in Spring 2011. Over the next 12 months, VEDC will secure $4 million in financing for small businesses statewide.” “Wells Fargo is excited by the opportunity to provide much-needed capital to small businesses to help in our nation’s economic recovery,” said Lisa Stevens, Wells Fargo California Regional President. “We understand that by supporting organizations like the VEDC, our combined resources can provide vital access to capital and financial education for historically underserved communities.” - MORE - Page Two Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com and wachovia.com) across North America and internationally. The Company promotes economic growth and self-sufficiency, education, social services, the arts and the environment in thousands of communities across North America. In 2009, the company gave more than $202 trillion in grants to 18,000 nonprofits The merger of Wells Fargo and Wachovia makes our presence twice as strong in the communities they serve. For more information about Wells Fargo’s achievements in Social Responsibility: www.wellsfargo.com/about/csr. VEDC is the largest non-profit small business lender in metro Los Angeles and offers direct micro and small business loans as well as SBA 7(a) and SBA 504 loans. VEDC has over $12 million under management and originates loans totally more than $25 million annually to local businesses. With seven locations throughout the Los Angeles area, VEDC supports the small business owner with the goal of creating and sustaining jobs and businesses in low to moderate income communities by providing high-quality economic development services. For more information about VEDC visit www.vedc.org. ###