VEDC Awarded PRIME Contract

For Immediate Release Contact: Lisa Winkle 818-907-9977 lwinkle@vedc.org VEDC Awarded PRIME Contract One of only two agencies in LA County selected by U.S. Small Business Administration to assist microentrepreneurs Los Angeles, CA – The Valley Economic Development Center (VEDC) has been awarded the PRIME contract by the U.S. Small Business Administration through the Program for Investment in Microentrepreneurs Act. VEDC is one of only two agencies selected for this program in Los Angeles County, out of nine total for California. The PRIME program will provide financing, training and one-on-one consulting for disadvantaged microentrepreneurs throughout Los Angeles County. VEDC will offer consulting services and financial assistance as well as conduct business classes and workshops. “SBA is pleased to award the PRIME contract to VEDC,” said Alberto G. Alvarado, U.S. Small Business Administration Los Angeles District Director. “Roberto Barragan and the VEDC have a long track record of helping small businesses and minority and disadvantaged business owners achieve business success.” “This program couldn’t be more appropriate and timely considering what businesses are going through during these trying economic times,” according to Cynthia Ibarra, VEDC’s Business Services Director. “Starting a business is a challenge onto itself, but realizing your dream with extra ‘life’ barriers makes it even more challenging. VEDC is committed in making these entrepreneurs into full-fledged business owners. We understand it will take more time to work in today’s market, but we’re confident in this program’s success.” The PRIME program addresses the need that many low-income entrepreneurs have for additional training and one-on-one assistance to start, operate, or expand their businesses. Providing microloans to disadvantaged microentrepreneurs supports new businesses and can lead to job creation. The program describes a “disadvantaged microentrepreneur” as a low-income person; or a very low-income person; or an entrepreneur that lacks adequate access to capital or other resources essential for business success or is economically disadvantaged. The PRIME program will be based in VEDC’s Pacoima office. Please contact Angelica Banuelos, Program Manager, for VEDC’s PRIME Program at (818) 834-0577 or abanuelos@vedc.org to learn more about the PRIME Program and VEDC’s other business support services. ### VEDC is Los Angeles’ largest nonprofit business development corporation, working for over 30 years to create and sustain jobs and businesses through high-quality economic development services. To learn more, visit www.vedc.org.