Press Release Archive
|CDFI FUND AWARDS $ 953,000 TO VEDC|
FOR IMMEDIATE RELEASE
August 23, 2012
CDFI FUND AWARDS $953,000 TO VEDC
Announcement is Largest in History for Treasury’s CDFI Fund that Helps Spur Job Creation and Economic Growth in Communities Across the Country
VAN NUYS, CA – August 23, 2012 - The U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund has awarded VEDC a $953,806 grant to support VEDC’s California Small Business Loan Program and stimulate local economic growth and recovery by expanding access to capital. To date, VEDC has issued over 100 loans statewide through their small business loan program totaling over $17 million.
Underscoring the Treasury’s commitment to revitalizing economic and community development across the country CDFI Fund Director Donna J. Gambrell and Treasury Deputy Assistant Secretary Don Graves announced a total of more that $186 million in awards to 210 organizations serving low to moderate income communities. The fiscal year 2012 awards provided by the CDFI Program represent the largest single announcement of award dollars and award recipients in the CDFI Fund’s history.
“In a climate where small business owners are facing overwhelming challenges CDFIs are becoming the lender of choice. These funds will allow VEDC to play a critical role in extending access to capital and support in the creation of jobs throughout California.” said Roberto Barragan, VEDC President & CEO.
The CDFI Fund’s Community Development financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program) provided awards to certified and emerging Community Development financial Institutions that specialize in assisting low-income and distressed communities. In addition, the NACA Program has a particular focus of supporting CDFIs that serve primarily Native American, Alaska Native and Native Hawaiian communities.
Speaking to a group of CDFIs Director Gambrell highlighted how the awards will benefit a broad swathe of Americans. “I am pleased to announce the 2012 awards for the CDFI Program and the NACA Program, which will increase the capacity of CDFIs serving low-income and Native communities across the country,” said director Gambrell. “This year’s awardees will continue to provide vital financial services in low-income areas that are typically overlooked by traditional lenders, bettering the lives of Americans nationwide.”
About the CDFI Program
Through the CDFI Program, the CDFI Fund invests in and builds the capacity of existing private, for-profit and non-profit community-based lending organizations known as Community Development Financial Institutions (CDFIs) that serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process.
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 six locations throughout the Los Angeles area and San Francisco, VEDC has supported the small business owner for over 35 years with the goal of creating and sustaining jobs and businesses in low to moderate income communities by providing high-quality small business services. For more information visit www.vedc.org.