Congressman Sherman Announces Federal Grant to Help Valley Small Business

Sherman Oaks, CA – Congressman Brad Sherman (D-Sherman Oaks) proudly announced that the U.S. Department of the Treasury awarded $953,000 to the Valley Economic Development Center (VEDC) to help spur job creation and economic growth by expanding access to capital for small businesses. Congressman Sherman supported VEDC’s federal grant application to the Community Development Financial Institutions Fund (CDFI), Financial Assistance program.

“VEDC is helping small businesses in the San Fernando Valley, Los Angeles County and throughout California by providing loans so that they can expand and hire new workers” said Congressman Sherman. “These types of investments will help revitalize our communities and spur economic growth and recovery throughout the region.”

“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 the San Fernando Valley,” said Roberto Barragan, VEDC President and CEO. “We are grateful for Congressman Sherman’s longstanding support of VEDC and helping small businesses with the goal of creating and sustaining jobs.”

The Financial Assistance grant will support VEDC’s California Small Business Loan Program, which has issued over 100 loans statewide totaling $17 million. VEDC is the largest non-profit small business lender in metropolitan Los Angeles and offers direct micro and small business loans, as well as SBA 7(a) and SBA 504 loans.

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