The Valley Economic Development Center said Friday it has received $661,000 from the Treasury Department to lend to small businesses.
The nonprofit small business lender received the money through the final round of payments under the Small Business Lending Fund. The fund was established through a bill geared to help small businesses and was signed by the president last year.
In a news release, the VEDC said the money will be put toward making small business loans in underserved communities.
“This recognition and affirmation from the U.S. Treasury Department is one more step in VEDC’s statewide expansion and our goal of bringing financial resources and technical assistance to underserved communities in California,” said VEDC President Roberto Barragan.
The Valley lender offers several loan programs for businesses, including micro loans for start-ups, SBA 504 loans and other small business loan programs.