#United States #Los Angeles #PNC Bank #VSEDC #South Los Angeles

Vermont Slauson Economic Development Corporation Receives Grant for Small Businesses

On February 21, 2025, the Vermont Slauson Economic Development Corporation (VSEDC) was awarded a generous grant amounting to $100,000 from PNC Bank. This funding is aimed at bolstering small businesses and entrepreneurs in South Los Angeles, as well as extending support beyond the region. The primary focus is on enhancing economic growth through a series of innovative programs designed to address the challenges faced by local entrepreneurs.

Enhancing Business Opportunities

The grant will be instrumental in facilitating VSEDC's comprehensive programming, which includes a variety of initiatives such as the CEO Series and a Digital Accelerator program. The goal of these programs is to bridge the digital divide and ensure that local businesses not only survive but thrive in today's competitive landscape. Quentin Strode, President and CEO of VSEDC, expressed gratitude towards PNC Bank, emphasizing the importance of providing essential resources to capable and motivated entrepreneurs within the community.

Strode stated, "South Los Angeles is home to brilliant minds and motivated entrepreneurs who simply need resources and a chance. We are thrilled that PNC shares our vision for uplifting communities that have historically lacked the resources all communities deserve."

The CEO Series: Guiding Entrepreneurs

One of the key elements of the funding is the CEO Series, a structured, seven-course program designed to mentor entrepreneurs through the complexities of launching and scaling their ventures. This course covers vital topics such as business model development, understanding market needs, identifying target customers, and employing effective marketing strategies. All sessions are led by industry experts who bring a wealth of experience to the table, ensuring participants gain practical insights into building successful businesses.

In addition to current entrepreneurs, the program also focuses on preparing the next generation of leaders through the Digital Accelerator program for Youth. This initiative addresses the digital divide, particularly focusing on minority and women-owned businesses, by providing necessary training in digital marketing and website development. The dual objective is to equip local youth aged 18-24 with real-world skills while simultaneously empowering existing businesses.

A Sustainable Approach to Community Development

PNC Bank's commitment to supporting small businesses reflects a broader vision of economic empowerment. Todd Wilson, Regional President of Greater Los Angeles for PNC Bank, pointed out the importance of such investments, stating, "PNC takes great pride in empowering small businesses to thrive in an ever-evolving economy. We are honored to support VSEDC's mission through a meaningful investment that fosters local entrepreneurial growth and drives lasting impact."

The success of initiatives like the CEO Series not only aids in the expansion of small businesses but also contributes to job creation, a reduction in unemployment rates, and an overall improved quality of life in underserved communities. Recent statistics indicate that more than 100,000 residents in LA County live without adequate internet access—an issue that the Digital Accelerator program directly addresses by offering training in critical digital skills.

Positive Impact on the Local Economy

By providing paid internships in conjunction with the training, the program allows younger participants to authenticate their learning experience while earning an income, promoting financial independence.

Strode emphasized the organization's long-standing commitment to ending poverty cycles in South Los Angeles, noting, "With a history that spans nearly 50 years, we are relentless in our quest to end the cycle of poverty that threatens South Los Angeles. Thanks to the dynamic support from partners like PNC Bank, we take one step closer to creating a more equitable city where every person has the chance to thrive."

About VSEDC

Founded in 1981 by the late Marva Smith Battle-Bey, VSEDC has focused on revitalizing the South Los Angeles community through various programs addressing economic, social, and infrastructural development. As a newly-designated Community Development Financial Institution (CDFI), the organization is committed to fostering community economic development through business development, capital access, technical assistance, and community-oriented initiatives.

For more information, visit VSEDC's website.

Conclusion

The $100,000 grant from PNC Bank marks a significant milestone for VSEDC and the South Los Angeles community. By investing in the future of small businesses and the local economy, PNC Bank and VSEDC are paving the way for a more prosperous and inclusive future, ensuring that the entrepreneurial spirit thrives in every corner of the community.