LOS ANGELES, May 9, 2024 (Newswire.com)
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Lendistry and the Vermont Slauson Economic Development Corporation (VSEDC) announce that VSEDC will become the sole owner of the Vermont-Slauson Shopping Center in South LA after securing a $22.2 million commercial real estate loan from Lendistry.
Located on the corner of Vermont and Slauson Avenues, the Center is home to essential businesses like Ross Dress for Less, Superior Grocers, and CVS Pharmacy. Alongside diverse local boutiques, these anchors provide crucial goods and services to the community.
VSEDC’s community-driven ownership prioritizes residents over profit-driven goals, strategically positioning the plaza to establish enhanced access and support. Exclusive governance ensures the plaza remains a hub of affordable and essential services — a primary endeavor from VSEDC to expand affordability and protect existing businesses from displacement and gentrification. Moreover, increased revenue will catalyze initiatives to boost South LA businesses and residents.
Uniquely structured as a nonprofit organization and Community Development Financial Institution, VSEDC faces challenges securing real estate financing. Lendistry worked closely with VSEDC to address these challenges and developed a tailored loan solution together.
“Acquiring sole ownership is an investment in the future of the Vermont-Slauson Shopping Center and the community. Securing this loan from Lendistry enables us to bind the stability and resources needed to facilitate a business ecosystem that translates into jobs and vital services for our residents,” says VSEDC President Quentin Strode.
“Lendistry and VSEDC are both mission-driven and laser-focused on bringing opportunity to underserved and undercapitalized communities. Supporting the businesses that support their neighborhoods is an important element of our values,” says Everett K. Sands, CEO of Lendistry. “When an organization like VSEDC has a clear vision combined with a solid plan, all that’s left is a financial partner who is willing to say yes and create a pathway to capital. I’m proud of my team who went the extra mile to make this loan work in a responsible way, and Lendistry is proud to be part of VSEDC’s impact.”
About VSEDC
Vermont Slauson Economic Development Corporation (VSEDC) is a community-based nonprofit and Community Development Financial Institution (CDFI) recognized for decades of technical and entrepreneurial assistance to South LA small businesses, start-ups and entrepreneurs. The service VSEDC provides serves to drive community self-sufficiency and facilitate business growth, access to affordable housing, goods and services, and job creation. VSEDC achieves this through youth education and entrepreneurial projects, CDFI programs, and fundraising efforts. Find out more about VSEDC on its homepage, Facebook, and Instagram.
About Lendistry
B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led fintech that provides innovative lending products and access to grant programs for small businesses nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic gaps that inhibit access to capital and empower its customers with responsible financing options. Based on its reputation for deploying funds efficiently and equitably, Lendistry’s leadership is often called upon to share their expertise with both government and private organizations. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation’s only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry dedicates itself to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
Source: Lendistry
Original Story: https://www.newswire.com/news/vermont-slauson-economic-development-corporation-acquires-local-22319105
