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SCVEDC launches new small-business program

Posted: February 8, 2012 2:00 a.m.
Updated: February 8, 2012 2:00 a.m.
 

Small-business loans are now available through a partnership forged by the Santa Clarita Valley Economic Development Corp. and the Valley Economic Development Center. The SCVEDC announced on Tuesday that local businesses will have access to capital through the Small Business California Loan program. 

Loan amounts ranging from $50,000 to $750,000 are available to businesses that employ five to 100 individuals and have been operation for at least two years. Capital for new business start-ups is also available for qualifying applicants.

The program provides funding for business purchases including equipment, inventory, tenant improvements, owner-occupied commercial real estate and more.

Funds for approved loans are paid directly to vendors, minimizing the risks of irresponsible spending, as well as enabling businesses to funnel associated costs through the program rather than incur out-of-pockets expenses.

“Leveraging our relationship with the VEDC has provided us with the ability to offer additional capital to local businesses that are looking to enhance their operation by expanding their business, completing tenant improvements or purchasing new equipment,” said Jonas Peterson, president and CEO of the SCVEDC.

VEDC has supported small-business owners for 35 years and is one of the largest nonprofit small-business lenders in Los Angeles. The nonprofit organization originates loans totaling more than $35 million annually to businesses locally and statewide.

“We recognize the challenges that small businesses are currently facing,” said Roberto Barragan, president of VEDC.

 “Through the Small Business California Loan program, we now have access to capital to support these businesses and give them the opportunity to thrive and grow.”

 

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