Press Release Archive
|VEDC Receives Grant from Starbucks and Opportunity Finance Network’s “Create Jobs for USA” Initiative|
Contact: Lisa Winkle, VEDC
Public Relations Specialist
VEDC Receives Grant from Starbucks and Opportunity Finance Network’s
“Create Jobs for USA” Initiative
Local CDFI to Help Spur Job Creation in the U.S.
FOR IMMEDIATE RELEASE
Los Angeles (January 3, 2012) – VEDC , a local community lender, announced today that it has received a capital grant from the Create Jobs for USA Fund, a collaboration between Starbucks and Opportunity Finance Network (OFN). The money will help VEDC create and sustain jobs in the Los Angeles area and throughout California as part of a national campaign to support community businesses in underserved communities.
VEDC is one of the top-tier community development financial institutions (CDFIs) in the nation to be awarded a grant from the fund since the program began allocating awards in November of 2011. The Create Jobs for USA Fund pools donations from Starbucks customers, partners/employees, and concerned citizens into a nationwide fund, held and managed by OFN, for community business lending. Donors who contribute $5 or more will receive a red, white, and blue wristband with the message “Indivisible.” The wristbands are individually handmade in the U.S.A. and all component materials are manufactured by U.S. suppliers, so the effort is also helping support American manufacturing jobs.
Since November 1 The Create Jobs for USA Fund has been collecting donations at www.CreateJobsforUSA.org and at nearly 7,000 company-operated Starbucks across the country. 100% of the donations will support organizations like VEDC lending for job creation and retention across the US.
“Create Jobs for USA is making it possible for Americans who have $5 to share help people who don’t have $5 to spare by creating and retaining jobs in their communities,” explained Mark Pinsky, President and CEO of OFN. “VEDC received this grant because it has demonstrated that it will provide financing that is good for community businesses and good for communities.”
“We’re pleased that Starbucks recognizes the important work that CDFIs are doing, and honored that the Create Jobs for USA Fund has made a grant to us,” said Roberto Barragan, President and CEO of VEDC. “Create Jobs for USA is unprecedented for the CDFI industry. It is shining a national spotlight on our work and will help VEDC to create and sustain jobs in Los Angeles and statewide.”
CDFIs provide financing to community businesses in underserved markets where would-be community business owners may not qualify for credit from traditional lending institutions. Community businesses include small businesses, microenterprises, nonprofit organizations, commercial real estate developers, and affordable housing developers. All of these community businesses help to create and sustain local jobs.
Community business owners who would like to apply for a loan from VEDC can get more information at www.vedc.org. Or to find other CDFIs, visit http://opportunityfinance.net/findacdfi.
VEDC strives to create and sustain jobs and businesses in their communities by providing high-quality economic development services. VEDC’s goal is to enrich the communities they serve by making economic dreams a reality.
For more information about VEDC please contact Lisa Winkle, VEDC Public Relations at (818)907-9977.
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 a $20 million loan portfolio and almost $40 million under management and originates loans totaling more than $35 million annually to businesses locally and statewide. With five locations throughout the Los Angeles area and Oakland, VEDC has supported the small business owner for 35 years 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 visit www.vedc.org
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions (CDFIs)—private financial institutions that are 100 percent dedicated to delivering responsible, affordable lending to help low‐income, low‐wealth, and other disadvantaged people and communities join the economic mainstream. CDFIs in the OFN network serve all 50 states, and OFN Member CDFIs originated more than $23.2 billion in financing in urban, rural, and Native communities through 2009. More information is available at: www.opportunityfinance.net
About Create Jobs for USA
Starbucks and Opportunity Finance Network have joined forces to help create and sustain jobs in communities across the country. Create Jobs for USA is a bold initiative to spark new financing to community businesses so they can hire and preserve jobs. Learn more or donate now at: www.createjobsforusa.org
VEDC is Los Angeles’ largest non-profit business development corporation and small business community development financial institution, with six offices statewide. VEDC has been working for 35 years to create and sustain jobs and businesses through high-quality economic development services. To learn more, visit www.vedc.org.