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

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Vermont Slauson Economic Development Corporation

Jun 07, 2022, 03:00 ET

South LA non-profit offers businesses assistance and affordable loans to minority- and women-owned businesses

LOS ANGELES, June 7, 2022 /PRNewswire/ -- Vermont Slauson Economic Development Corporation received a generous $100,000 grant from Silicon Valley Bank to support underserved small businesses and entrepreneurs in South Los Angeles. The funds will go directly to the organization's CDFI revolving loan fund, which helps revitalize the South LA community by giving affordable small business loans to minority-owned small enterprises.

Silicon Valley Bank was also the title sponsor for the recent grand opening of VSEDC's South L.A. Best Buy Teen Tech Center, a 1,200 square-foot tech incubator for teens and young adults.

"VSEDC is thrilled and grateful for Silicon Valley Bank's support for the hard-working, diverse small business owners of South Los Angeles," says CEO of VSEDC, Joseph T. Rouzan, III. "For far too long, our community has been overlooked and underserved. Our partnership with Silicon Valley Bank represents a renewed commitment to creating an economically sustainable region."

Based in the heart of South LA, VSEDC has been serving minority- and women-owned small businesses in the region for over 40 years. The non-profit works to create an equitable future and thriving local economy through customized one-on-one technical assistance, and economic development services. In 2018, VSEDC became a CDFI non-traditional lender with a revolving loan fund to infuse the local economy with capital. VSEDC's affordable small business loans supply funds to businesses that are historically ineligible for loans from traditional lenders, such as banks.  

"Small businesses are vital to our communities, but they often struggle to get the capital and support they need to thrive," said Craig Robinson, Head of Corporate Social Responsibility at Silicon Valley Bank. "We are pleased to support VSEDC's critical work to get funding into the hands of people of color and women business owners in South LA." 

Vermont Slauson Economic Development Corporation (VSEDC) is a community-based nonprofit and Community Development Financial Institution (CDFI) recognized for decades of technical and entrepreneurial assistance to South LA small businesses, start-ups and entrepreneurs. The services VSEDC provides serves to drive community self-sufficiency, facilitate business growth, access to affordable housing, goods and services, and job creation. VSEDC achieves this through youth education, a core curriculum of business education, one-on-one business assistance, and small business loans. Find out more about VSEDC at www.vsedc.org, Facebook and Twitter.

Silicon Valley Bank, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.

SOURCE Vermont Slauson Economic Development Corporation