Our Mission and History
Our mission, enriching communities by making small business dreams a reality and creating and sustaining jobs and businesses in our communities by providing high quality business development services.
Throughout our history, VEDC has assisted more than 104,000 businesses in creating and retaining over 28,000 jobs, opening over 2,000 new businesses. VEDC has also provided more than $380 million in direct and guaranteed lending to small businesses with 75% of our clientele in low-to-moderate income areas, as well as nearly 70% minority and women owned entrepreneurs.
Our mission is to create and sustain jobs and businesses in our communities by providing high-quality small business development services. We implement this by giving under-served communities and low to moderate income residents the tools to build assets and raise economic standards by assisting with financing options as well as creating and growing new businesses.
In 2014, VEDC facilitated $20,089,594 in loans directly creating 329 new businesses while creating and retaining 2,147 jobs to support our economy.
VEDC has been supporting small business owners for 38 years with the goal of making small business dreams a reality.
With loan amounts from $1,000 to $50,000, the Microloan is available to either start-up or existing businesses and can be used for working capital, storefront improvement, relocation or equipment purchase. We provide online loans and financing not available by conventional lending. Typically, banks do not provide loans under $50,000 to entrepreneurs with FICO scores below 640. Therefore, small business owners who have had credit issues in the past have limited resources available to them. A microloan from VEDC provides necessary capital that is not available from traditional financial institutions.
Since 2009, we have been able to offer over $50 million in small business loans and microloans to 927 businesses. For more information about our impact, please view our Annual Report or read some of our incredible case studies!