African-American businesses in existence for at least two years with one to 200 employees and up to $2 million in revenue who are seeking funding for working capital, debt refinancing, the purchase of owner-operator real estate as well as business acquisition can take advantage of the National African American Small Business Loan Fund.
Operated by the Valley Economic Development Corp (VEDC) and funded in part by grants from JPMorgan Chase Foundation, the loan fund started out last October in New York, rolled out to Chicago in January and now is available to Los Angeles companies. It is also part of a broader inititive to boost economic opportunity for minority-owned firms and help them serve low-income communities by providing greater access to capital, technical assistance and financial consulting.
The goal is also to create a $30 million fund, and so far VEDC has raised $10 million including a $5 million infusion from Chase announced Friday.
Entrepreneurs can borrow from $35,000 to $250,000 at an interest rate of prime up to six percent above, depending on the business cash flow.
The program also combines business technical assistance such as learning Quickbook or marketing.
For additional information about the loan fund, visit th VEDC website at vedc.org or call (818) 907-9977 /(800) 304-1755.
VEDC currently operates in eight states and specializes in helping small businesses, especially minorty-owned firms, secure business financing including start-up funds.
