Wells Fargo Expands Support for Small Business in LA County through VEDC

For Immediate Release Contact: Lisa Winkle, VEDC Office: (818) 907-9977 lwinkle@vedc.org Wells Fargo Expands Support for Small Business in LA County through VEDC VAN NUYS, CA (April 20, 2010) – Valley Economic Development Center (VEDC) has received a $250,000 grant from the Wells Fargo Foundation to expand VEDC’s small business lending programs. 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 to become the largest business development organization in Los Angeles. VEDC Board Chair Don St. Clair said, “VEDC is exceedingly proud to partner with Wells Fargo in this time of severe credit crunch when community development lenders are experiencing greater demand than ever. Over the past year, we have seen an overwhelming increase in demand and we are only limited by our available resources. The Wells Fargo Foundation Grant will enable VEDC to continue to find solutions and lending programs for small business owners, even during this difficult economic time.” “Wells Fargo is proud to present VEDC with a $250,000 grant to support job creation and small business lending for the community,” said Marla Vasquez, Wells Fargo San Fernando Valley Community Bank regional president. “Our organizations share a vision to support lending to local small businesses in order to grow jobs and keep our communities strong and vital.” VEDC is an organization providing economic development services in Southern California which helps to create and sustain local jobs. The $250,000 grant will be used as part of a broad effort to support VEDC’s small business lending programs and provide access to capital to small businesses. More specifically, Wells Fargo’s support will be used to assist in the implementation of the $15 million Citywide Small Business Loan Program, increase SBA 504 lending by the San Fernando Valley Financial Development Corporation, and increase SBA 7(a) lending by the Pacoima Development Federal Credit Union. Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.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 $15 million to nonprofits in Greater Los Angeles. The merger of Wells Fargo and Wachovia makes their presence twice as strong in the communities they serve. For more about Wells Fargo’s achievements in Social Responsibility: www.wellsfargo.com/about/csr. ### VEDC is Los Angeles’ largest nonprofit business development corporation and small business community development financial institution, with 7 offices countywide. VEDC has been 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.