Silicon Valley Bank Awards Vermont Slauson Economic Development Corporation $100,000

South LA non-profit provides companies help and inexpensive loans to minority- and women-owned companies

LOS ANGELES, June 7, 2022 /PRNewswire/ — Vermont Slauson Financial Growth Company acquired a beneficiant $100,000 grant from Silicon Valley Financial institution to assist underserved small companies and entrepreneurs in South Los Angeles. The funds will go on to the group’s CDFI revolving mortgage fund, which helps revitalize the South LA group by giving inexpensive small enterprise loans to minority-owned small enterprises.

Silicon Valley Financial institution was additionally the title sponsor for the latest grand opening of VSEDC’s South L.A. Greatest Purchase Teen Tech Middle, a 1,200 square-foot tech incubator for teenagers and younger adults.

“VSEDC is thrilled and grateful for Silicon Valley Financial institution’s assist for the hard-working, various small enterprise homeowners of South Los Angeles,” says CEO of VSEDC, Joseph T. Rouzan, III. ”For much too lengthy, our group has been missed and underserved. Our partnership with Silicon Valley Financial institution represents a renewed dedication to creating an economically sustainable area.”

Based mostly within the coronary heart of South LA, VSEDC has been serving minority- and women-owned small companies within the area for over 40 years. The non-profit works to create an equitable future and thriving native financial system by means of personalized one-on-one technical help, and financial growth companies. In 2018, VSEDC grew to become a CDFI non-traditional lender with a revolving mortgage fund to infuse the native financial system with capital. VSEDC’s inexpensive small enterprise loans provide funds to companies which can be traditionally ineligible for loans from conventional lenders, corresponding to banks.   

“Small companies are important to our communities, however they usually wrestle to get the capital and assist they should thrive,” mentioned Craig Robinson, Head of Company Social Duty at Silicon Valley Financial institution. “We’re happy to assist VSEDC’s vital work to get funding into the arms of individuals of shade and girls enterprise homeowners in South LA.”  

Vermont Slauson Financial Growth Company (VSEDC) is a community-based nonprofit and Group Growth Monetary Establishment (CDFI) acknowledged for many years of technical and entrepreneurial help to South LA small companies, start-ups and entrepreneurs. The companies VSEDC gives serves to drive group self-sufficiency, facilitate enterprise development, entry to inexpensive housing, items and companies, and job creation. VSEDC achieves this by means of youth training, a core curriculum of enterprise training, one-on-one enterprise help, and small enterprise loans. Discover out extra about VSEDC at www.vsedc.org, Fb and Twitter.

Silicon Valley Financial institution, the financial institution of the world’s most modern corporations and buyers, gives business banking companies, experience and insights to the expertise, life science and healthcare, personal fairness, enterprise capital and premium wine industries. Silicon Valley Financial institution operates in facilities of innovation world wide and is considered one of SVB’s core companies with SVB Capital, SVB Non-public and SVB Securities. With world business banking companies, Silicon Valley Financial institution helps deal with the distinctive wants of its dynamic, fast-growing, modern purchasers. Study extra at svb.com. 

SOURCE Vermont Slauson Financial Growth Company