News Column

VEDC Offers Funding to Small Business Owners in Bakersfield

August 27, 2014

New loan fund brings $2 million to start-up and existing businesses in Kern County

LOS ANGELES--(BUSINESS WIRE)-- After receiving a $2-million loan from Rabobank N.A., VEDC plans to open a northern office in Bakersfield, California. As the local economy continues to struggle to bounce back from the Great Recession, countless local small businesses are left without funding or access to capital. With the support of Rabobank, VEDC will have $2 million dollars to lend in Bakersfield to the underserved small and micro-businesses in the area.

By expanding their lending programs to Bakersfield, VEDC is offering a helping hand to assist Kern County small businesses finance payroll, inventory purchases, cash flow, and other accrued expenses through loans ranging from $1,000-$50,000.

“We are excited to put this money into the hands of entrepreneurs and small business owners,” stated Roberto Barragan, President and CEO of VEDC. “Thanks to the support of Rabobank, VEDC will be able to support small businesses in Kern County while creating jobs and make entrepreneurial dreams come true.”

VEDC is a nationally growing organization that aims to aid entrepreneurs in small business growth and sustainability through microloan funding. Assisting more than 103,000 businesses since its creation in 1976, VEDC has become one of the largest non-profit business development organizations in California and the leading alternative lender to minority and women owned businesses nationwide.

These loans stimulate not only the small and micro-businesses, but also the local economy. By funding entrepreneurs, VEDC increases the overall success rate of commerce in the area, effectively boosting the economy while simultaneously creating local jobs. With its northern expansion, VEDC will to deploy $2 million more in loans to at least 50 businesses, creating 100 new jobs.

To date, VEDC has created, maintained, and expanded small businesses nationwide by providing more than $360 million in direct and guaranteed lending. They have also readied more than 3,000 aspiring entrepreneurs from their Entrepreneurial Training Program to prepare them for success in the business world.

In the immediate future, Bakersfield businesses can look forward to welcoming a friendly new neighbor to their block. By providing new access to alternative funding and entrepreneurial resources, VEDC looks to jumpstart the Bakersfield and Kern County community one small business at a time.

To inquire about a small business loan contact Circe Cox at (661) 817-8048 or via email at ccox@vedc.org.

About VEDC

VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available, sustainable and impactful. As a national small business lender, VEDC has lent $360 million in direct and guaranteed loans to 100,000 small businesses and created more than 27,000 jobs. As a certified Community Development Financial Institution (CDFI), VEDC’s mission is to help create jobs and promote economic development in under-served communities. It provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t quality for traditional bank financing. VEDC’s expanding portfolio is composed of community-based loan funds in Los Angeles, Chicago, San Francisco, Las Vegas, Salt Lake City and the New York Tri-State area. www.vedc.org

About Rabobank N.A.

Rabobank N.A. is a premier California community bank known for personalized service and a wide range of banking, lending and wealth-management offerings for individual, business, and food and agribusiness clients. Headquartered in Roseville, Calif., and with more than $14 billion in assets, the bank’s 119 branches, multi-function ATMs, and innovative online and mobile banking services empower customers to bank when, where and how they want. Receiving the J.D. Power award for “Highest Customer Satisfaction with Retail Banking in California, Four Years in a Row,” Rabobank has more than 1,700 employees who take pride in helping to improve their communities personally and professionally.www.rabobankamerica.com.



VEDC

Lisa Winkle, 818-907-9977

818-415-3919 - Cell

lwinkle@vedc.org

Source: VEDC


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