VSEDC Awarded $100,000 Grant From Silicon Valley Bank
In June, Vermont Slauson Economic Development Corporation (VSEDC) was awarded a generous grant totaling $100,000 from Silicon Valley Bank to support underserved businesses and entrepreneurs in South Los Angeles.
The funds will go directly to VSEDC’s CDFI revolving loan fund, which helps revitalize the physical, economic and social life of the community by giving affordable small business loans to minority-owned small enterprises. Additionally, the $100,000 grant will be used for VSEDC programs’ services, such as business development, tech assistance, help with access to capital, and one-to-one mentorship for South LA entrepreneurs and small businesses.
A STELLAR PARTNERSHIP
VSEDC’s partnership with Silicon Valley Bank is built on shared values and a commitment to a better future.
VSEDC’s Director of Advancement, Connie Hwang, says, “Silicon Valley Bank is one of the most proactive, progressive, and innovative banks in the country. One of their funding priorities is to elevate disinvested Black and brown business communities, ensuring generational wealth and equal opportunity.”
“Small businesses are vital to our communities, but they often struggle to get the capital and support they need to thrive,” says 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.”
We at VSEDC look forward to continuing our partnership with Silicon Valley Bank to create an economically flourishing region for entrepreneurs and small businesses in South Los Angeles.