VERMONT SLAUSON ECONOMIC DEVELOPMENT CORPORATION (VSEDC) EARNS DISTINCTION AS A SMALL BUSINESS ADMINISTRATION (SBA) WOMEN'S BUSINESS CENTER MAKING IT A FIRST FOR SOUTH LA AND ONE OF 17 NEW LOCATIONS NATIONWIDE

Rhea-AI Summary

The Vermont Slauson Economic Development (VSEDC) has been designated as one of 17 new Small Business Administration (SBA) Women's Business Centers. This new center, powered by Wells Fargo, will launch on May 22, 2024, featuring remarks by Los Angeles Mayor Karen Bass.

The center aims to provide coaching, mentorship, access to capital, and business education to women entrepreneurs. It is the first SBA Women's Business Center in South Los Angeles and one of 20 in California, focusing on helping women scale their enterprises through strategic planning, financial management, and more.

Black women, the fastest-growing group of entrepreneurs, will significantly benefit from this initiative. The VSEDC WBC will offer resources to help women overcome historic challenges in entrepreneurship, particularly those related to access to capital and comprehensive business support.

Positive

• VSEDC designated as one of 17 new SBA Women's Business Centers.
• Launch event scheduled for May 22, 2024, with support from Wells Fargo.
• First SBA Women's Business Center in South Los Angeles, and one of 20 in California.
• Provides free coaching, mentorship, and access to capital for women entrepreneurs.
• Focuses on helping women scale their businesses through strategic planning and financial management.
• Supports Black women, the fastest-growing entrepreneur demographic, who face significant access to capital challenges.

Negative

• No specific financial data provided regarding funding or operational costs.
• Potential challenges in reaching a historically underserved demographic may limit immediate impact.
• The effectiveness of the center in providing measurable business growth for women entrepreneurs remains to be seen.

With a launch scheduled for Wednesday, May 22, 2024 featuring remarks by  Los Angeles Mayor Karen Bass, VSEDC's Women's Business Center powered by Wells Fargo will offer coaching, mentoring, networking, and more to help women entrepreneurs thrive

LOS ANGELES, May 17, 2024 /PRNewswire/ -- Vermont Slauson Economic Development Corporation (VSEDC) announced today that it has been selected as one of 17 new U.S. Small Business Administration (SBA) Women's Business Centers. Powered by Wells Fargo, the VSEDC Women's Business Center (WBC) will support women entrepreneurs during every stage of their journey by providing free coaching, mentorship, access to capital, business education, and more. With an official launch scheduled for Wednesday, May 22, 2024 at VSEDC headquarters including remarks by SBA Administrator Isabella Casillas Guzman and Los Angeles Mayor Karen Bass, VSEDC's WBC will be the first in the history of South Los Angeles and one of only 20 throughout California. As part of its mission to drive economic growth, the WBC will also help women scale their enterprises effectively and efficiently by focusing on expanding through acquisitions.

"I have worked with Vermont Slauson Economic Development Corporation for years and have seen firsthand the positive impact the organization is making for small businesses and their contributions to the South Los Angeles community," said Mayor Bass. "Together with VSEDC and organizations like it, we are working to open the city for business and make sure that City Hall is an advocate, not a barrier, to helping small businesses grow and thrive. I want to thank the Small Business Administration for recognizing VSEDC with this significant, very well-deserved distinction that reflects the organization's proven commitment to supporting small businesses and women-owned businesses in the community. I encourage women entrepreneurs and business owners alike to visit the VSEDC to tap into the coaching, mentoring, networking and resources available to guide their business' growth and development. Together, we can continue our work to help businesses succeed."

An institution dedicated to serving minority communities offering one-on-one counseling, training, networking, workshops, and technical assistance, VSEDC's WBC helps clients to focus on strategic planning, financial management, marketing, procurement, and more. Considering Black women are the fastest growing demographic of entrepreneurs in the country, they disproportionately lack access to capital while navigating the traditional hurdles that start-ups face.

"We are thrilled to partner with SBA and Wells Fargo to provide extraordinary resources that help women business owners excel," said Quentin Strode, President & CEO of VSEDC. "With a history that spans more than four decades, we understand the unique obstacles that women entrepreneurs face, especially women of color who have been underserved and excluded from comprehensive support that leads to generational wealth."

In response to women facing historic exclusion from entrepreneurship, SBA's Office of Women's Business Ownership is a solution that empowers women entrepreneurs through advocacy, outreach, education, and support. As a Community Development Financial Institution that will create a lending pipeline, VSEDC guides women from the margins of entrepreneurship into a realm where they can scale to new heights. 

"We are excited that through our collaboration with VSEDC, we will bring the first SBA small business women's center to the South Los Angeles area," said Jack Olree, Vice President Community Impact and Sustainability at Wells Fargo. "This will provide emerging and established small business owners with the critical tools and assistance needed for long-term growth and allow for our local communities to thrive."

VSEDC welcomes interview requests and credential requests for the official launch: 

Wednesday, May 22, 2024 | 9:45 a.m. -11:00 a.m.
Vermont Slauson Economic Development Corporation
1130 W. Slauson Avenue
Los Angeles, CA 90044

ABOUT VSEDC 
For more than four decades, VSEDC has facilitated community development of the South Los Angeles area by providing programs that revitalize the physical, economic, and social life of the community. A newly-designated Community Development Financial Institution (CDFI), VSEDC has developed and implemented a comprehensive approach to community economic development that includes business development, access to capital, technical assistance and training, residential housing, commercial, and industrial development. Founded by the late Marva Smith Battle-Bey in 1981, VSEDC works to create a South Los Angeles with strong neighborhoods and thriving communities. To learn more, please visit www.vsedc.org.  

ABOUT SBA
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

ABOUT WELLS FARGO
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

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SOURCE Vermont Slauson Economic Development Corporation

FAQ

What is the significance of VSEDC being an SBA Women's Business Center?

The VSEDC's designation as an SBA Women's Business Center allows it to provide coaching, mentorship, access to capital, and business education to women entrepreneurs, particularly in South Los Angeles.

When is the VSEDC Women's Business Center launching?

The VSEDC Women's Business Center will launch on May 22, 2024.

How will the VSEDC Women's Business Center support women entrepreneurs?

The center will offer free coaching, mentorship, networking opportunities, and access to capital, focusing on strategic planning, financial management, marketing, and procurement.

What role does Wells Fargo play in the VSEDC Women's Business Center?

Wells Fargo powers the VSEDC Women's Business Center, providing resources and support necessary for the center's initiatives.

Why is the VSEDC Women's Business Center important for South Los Angeles?

It is the first SBA Women's Business Center in South Los Angeles, providing important support to women entrepreneurs in an historically underserved community.