wwwVEDCorg VEDC Promotes Creation and Growth of Small Businesses Transitional Smallbusiness lender established in 1976 Largest nonprofit business development corporation in metropolitan Los Angeles ID: 783526
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Slide1
Roberto Barragan, President/CEOwww.VEDC.org
Slide2VEDC Promotes Creation and Growth of Small Businesses
Transitional Small-business lender established in 1976
Largest non-profit business development corporation in metropolitan Los Angeles
Certified by U.S. Treasury as a Community Development Financial Institution (“CDFI”)
Approved SBA Community Advantage Lender
Strategic partnerships with UBS Elevating Entrepreneurs Program and Goldman Sachs 10,000 Small Businesses
Began expansion in 2011 to lend statewide
Slide3Real MONEY, REAL PEOPLE, CREATING REAL JOBSMission to create and sustain jobs and businessesFocus toward small businesses that do not qualify for traditional bank financingTwo primary lending programs include: small business loans from $50,000 up to $500,000
microloans up to $50,000
75% of $35 million loan portfolio lent to
underserved small business
owners, including
minority- and women-owned businesses
Provides technical assistance to grow and strengthen businesses through workshops, entrepreneurial training programs, and consulting services in the Los Angeles area
Since inception, deployed loan capital in excess of $340 million and assisted some 1,900 small businesses to create more than 18,600 jobs
Slide4VEDC Statewide Small Business Lending – Impact Report
California
Between 2010 and 2015, obtained $45 million in loan capital from UBS Bank USA, Goldman Sachs,
Rabobank
, Charles Schwab and six other financial institutions
Lending activity leveraged with $5 million grant from JP Morgan Chase
Funds
available to make loans
to qualified small businesses
in the State of California
Over four year period
, VEDC:
Funded $60 million in loans to 300 small businesses
Created 3,500 new jobs and retained 6,000 jobs
Slide5California Statewide Revolving Loan Fund
California Statewide Revolving Loan Fund(“SRLF") has been established by CALED and VEDC through the assumption of $5 million in EDA grant dollars from the State of California and matched by VEDC with $900,000, mainly from its Chase grant.
Small business lending in amounts up to $500,000 at market rate underwritten, booked and serviced by VEDC.
Funds
to be used for
tenant improvements, working capital, equipment and inventory to support startups and existing businesses
Profile loan has been turned down by Bank due to
cashflow
Joint VEDC and CALED loan committee approves all loans
Projected impact during 2 year disbursement period:
$10 million in additional leverage
Will create 300 new jobs and retain 400 jobs
Slide6Visit the VEDC Booth for moreinformation
Slide7• Established: 2001• Industry: Energy• PNG specializes in the wholesale distribution of refined petroleum products and natural gas in California - also offers energy consulting services
• PNG is a wholesale dealer of Amsoil automotive petroleum products
• Loan: $50,000 for equipment and inventory
PATTEN NATURAL GAS, INC. ("PNG")
Loan Amount: $50,000
Jobs Created: 2
Jobs Retained: 2
Slide8• Industry: Professional services• Owners have 25+ years experience • PATS provides the following services to small professional businesses, including professional service corporations, partnerships, sole proprietorships, estates, trusts and non-profit organizations: → accounting and bookkeeping services
→ income tax preparation services
• Loan:
$150,000 for working capital & equipment purchase
• Job impact: 4 new jobs created
PROFESSIONAL ACCOUNTING & TAX SERVICES ("PATS")
Loan Amount: $150,000
Jobs Created: 4
Jobs Retained: 1
Slide9O & V RLL, Inc. (Franchise business) O & V plan to operate an Oil & Vinegar, brand retail establishment in Valencia Town Center Mall. O&V carries a vast selection of imported olive oils and vinegars, pesto & tapenades, appetizers, marinades & sauces, dressings, mustards, salts, exotic herb mixes and more, together with a host of handcrafted ceramics and culinary accessories that are guaranteed to enhance any home dining experience
Loan Amount: $70,000
Jobs Created: 4
Jobs Retained: 1
• Established: In 2012 as C-Corp
• Industry: Oil/Vinegar Sales
• Loan: $70,000 for working
capital & inventory
• Job impact: 4 new jobs created
Slide10“ALA” is a virtually integrated e-commerce platform that sells American-Made fashion and consumer products in one destination on AmericanLoveAffairOnline.com. The borrower develops proprietary product lines as well as supports other manufacturers by retailing only made-in-the-USA brands, thereby contributing to the revival of American productivity.
Loan Amount: $100,000
Jobs Created: 10
Jobs Retained: 2
• Established: In 2012
as a C-Corp
• Industry: Men’s & Women’s fashion,
apparel, jewelry, accessories, etc…
• Loan: $100,000 to assist with start-up
costs to launch business & provide
working capital.
• Job impact: 2 new jobs created