West Valley businesses struggling to stay afloat in a rocky economy may be in store for a reprieve. The Valley Economic Development Center recently announced that it has launched a program specifically to reach out to small businesses in the area. Based in Canoga Park, the West San Fernando Valley Business Revitalization Program will help local businesses with financing, consulting and training. The aim of the program is to spur job growth in the West Valley, particularly 56 new jobs within two years. “By focusing on assisting businesses that we believe have growth potential, we will be able to help these businesses grow and ultimately achieve our goal of creating jobs,” stated Warren Cooley director of retail and economic development for VEDC. Cooley believes that the program will make a substantial economic impact on the area. More than $300,000 was made available to fund the program. Rep. Brad Sherman (D-Sherman Oaks) obtained $282,000 in federal grants, while Citibank contributed $25,000 to VEDC’s effort. “As the backbone of our economy, small businesses in the West Valley, through this new program, will gain much needed technical and financial assistance to help add well-paying jobs and further contribute to our local economy,” Sherman stated. There will be particular focus on businesses in Canoga Park, Winnetka and Reseda. “We chose that area because it’s an area with a number of low- to moderate-income businesses,” Cooley explained. He added that many businesses of this size routinely make the same mistakes, including failing to distinguish themselves in the marketing process or identify a target market. “You waste a lot of money in advertising in the wrong journals, the wrong section of the newspaper,” he said. “You need to spend your money where your perspective buyers are.” Cooley said that the program will also guide companies in determining how much money they need to strategize and the most cost-effective way to go out of business. The funds came from the 2008 Financial Services Appropriations Bill. Sherman hopes that at least 75 businesses are assisted through the program. “Any small business could be the next Starbucks,” he said. “You never know what the maximum impact could be.” Marsel Watts of the Canoga Park/West Hills Work Source Center will coordinate the business revitalization program. Business representatives in need of consultation may obtain services at the WorkSource center or onsite at their place of business. Workshops will also be held to help small businesses. The first, a workshop series “Winning Strategies for Small Business,” will be held at the Canoga Park Community Center. A workshop called “Business Plans” will follow on Aug. 21. For more information, contact VEDC at (818) 907-9977 or www.vedc.org.
