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 firstname.lastname@example.org.
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
Lisa Winkle, 818-907-9977
818-415-3919 - Cell