EDC-VC Receives Renewed and New Funding for Training and Loan Programs

    CAMARILLO, CA, November 04, 2015 /24-7PressRelease/ -- The California Employment Training Panel (ETP) has awarded the Economic Development Collaborative-Ventura County funding to conduct work-based training, helping businesses to remain competitive against out-of-state and foreign competition. With the $96,616 grant, EDC-VC will train 118 workers at an estimated eight regional businesses. This grant is in addition to more than $1 million in new loan capital and $350,000 in operating funding, received from the Workforce Development Board, city of Ventura, California Public Utilities Commission (CPUC) and First 5 Ventura County, for business development and training, broadband access improvement and access to capital for services through June 30, 2016.

"Having skilled workers is a high-impact way of improving our local economy, making businesses more competitive in the domestic and global marketplace," said EDC-VC's president and CEO Bruce Stenslie. "The renewed funding of these vital programs ensures the continuity of EDC-VC services to businesses in the region."

ETP funding prioritizes manufacturing firms, making them operate more efficiently so they can be more competitive against out-of-state and foreign businesses.

EDC-VC again received $95,000 in funding from the Workforce Development Board and Ventura County Board of Supervisors for business retention and layoff aversion. In 2014-15, EDC-VC helped retain 108 at-risk jobs and train 81 workers; both outcomes were well above the contract goals. For 2015-16, EDC-VC's goal is to retain 80 at-risk jobs and to train 60 workers, leveraging funds from multiple sources.

The city of Ventura is continuing its partnership with EDC-VC for managing its small business loan program. For 2015-16 there is more than $300,000 available for new loans, projected to create at least 12 new jobs. Loans are available for micro-enterprises and for commercial building rehabilitation and code compliance.

The city's loan programs support economic growth in Ventura's downtown and commercial neighborhoods and helps business owners overcome common hurdles to successful entrepreneurship, job creation and job retention.

EDC-VC has managed the city of Ventura's small business loan programs since 2000 and has made 85 loans to 72 businesses, for a total of $3.4 million. These loans have resulted in 247 jobs.

The CPUC has approved $150,000 in second year funding for the two-year Broadband Consortium of the Pacific Coast, a partnership between Ventura, Santa Barbara and San Luis Obispo counties. Now in its second year, the partnership's stakeholders plan to submit grant applications to close local gaps in broadband connectivity in under-served areas and develop new policies at the local level so businesses and residents have improved access to high-speed connections and additional choices of providers.

First 5 Ventura County has approved its continuance of the Community Investment Loan Fund, making available an additional $700,000 in new loan capital. EDC-VC administers the program in partnership with First 5, having created over 255 new child care slots and over 38 new jobs over the life of the loan fund, which started in 2009.

About EDC-VC:
EDC-VC is a private, nonprofit organization that serves as a business-to-government liaison to assist businesses in Ventura County by offering programs that enhance the economic vitality of the region. For more information about the Small Business Development Center and loan, manufacturing and international trade programs, contact Bruce Stenslie at 805-384-1800 ext. 24, or [email protected]. Or visit http://www.edc-vc.com.

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