The Valley Economic Development Center and JPMorgan Chase & Co. announced on Friday the expansion of a lending program for African American-owned small businesses in Los Angeles.
The VEDC, in Sherman Oaks, seeks to create a $30 million loan fund that Chase, in New York, has contributed $8 million to through its foundation. The money will be loaned to minority businesses in Los Angeles, Chicago and New York in amounts ranging from $35,000 to $250,000.
VEDC Chief Executive Roberto Barragan said the nonprofit lender has a proven track record of serving low- and middle-income communities of color.
“Approximately 20 percent of our existing portfolio serves the African American community, and we’ve learned a great deal from working with them that we’re applying to this new fund,” Barragan said in a prepared statement.
Businesses receiving financing can use the money for expansion, financing equipment, addressing short-term cash flow needs and lines of credit.