San Fernando Valley Business Owners will receive crucial support from $2 million investment in ICON CDC
On May 4, 2023, Congressman Tony Cárdenas announced $500,000 in Community Project Funding to Initiating Change in Our Neighborhoods Community Development Corporation (ICON CDC) to expand on the current Business Development program administered by the North and South Valley Business Source Centers. Currently, these business centers offer entrepreneurial training, business consulting and access to capital for small businesses and micro enterprises located in the City of Los Angeles only. These funds will now allow ICON CDC to assist entrepreneurs and small businesses in the City of San Fernando.
Soon thereafter, ICON CDC announced the receipt of a $1.5 million grant from the State of California to support initiatives to create and grow small businesses in the San Fernando Valley. The grant was secured with the assistance of former State Senator Bob Hertzberg. The grant will be used to create a small business incubator in the Northeast San Fernando Valley, as well as support existing training and assistance programs provided by ICON CDC. These programs, all free to participants, are funded by this combination of state and local resources, and build upon ICON CDC’s existing operation that have served over 10,000 entrepreneurs over the last 12 years, creating hundreds of jobs.
“Many individual proprietors and small, family-owned businesses are still rebuilding as a result of a 3-year long pandemic that has disproportionately impacted minority communities,” said Congressman Cárdenas. “ICON CDC has been there for local business owners during the darkest of times as a support system offering business assistance and access to critical tools and resources. These funds will help them continue to help the small business community in my district which is the heart of our local economy.”
“Helping small businesses grow is what ICON CDC is all about,” Hertzberg said. “San Fernando Valley residents, job seekers, and owners of small businesses will benefit from the training, help, and development they will receive with help from the $1.5 million grant I secured for them. It will be exciting to watch ICON CDC continue moving forward in helping start, grow and fund local businesses.”
Through both of these grants totaling $2 million, ICON CDC will be able to offer financial resources to small businesses, including the opening of a new ICON Microloan program that will start making loans to San Fernando Valley entrepreneurs in amounts from $5,000 to $25,000 starting June 1. These microloans will help entrepreneurs overcome barriers to capital and grow their businesses, which will create jobs and boost the local economy in the face of tightening bank credit and growing recession fears.
“Small businesses are the backbone of our economy, and they play a vital role in creating jobs and supporting families in our community. However, many small business owners struggle to access the capital they need to start, grow, and succeed. That's why I'm thrilled that ICON CDC can receive and provide critical resources to support underserved entrepreneurs and small business owners,” said Dr. Juan Benitez, President of ICON CDC.
About Initiating Change in Our Neighborhoods Community Development Corporation (ICON CDC)
Initiating Change in Our Neighborhoods Community Development Corporation (ICON CDC) is a 501(c)(3) community-based, California not-for-profit organization located within the City of Los Angeles, with offices in the communities of Pacoima and Van Nuys, centrally located in the San Fernando Valley. ICON CDC operates 2 City of Los Angeles Business Source Centers and offers entrepreneurial training programs and sidewalk vending grants to support small business owners in the local community.
Qualifying for traditional bank loans has become more difficult due to stricter criteria and uncertainty in the economic landscape. In response to these challenges, entrepreneurs are seeking help from ICON CDC to be connected with alternative loans which offer flexible terms, affordable interest rates, and tailored repayment plans.
Milad Keshavarz, owner of Keshavarz Chiropractic Inc., shares his experience: "When my business needed capital, I realized that the high-interest loans I had obtained were becoming a burden. Determined to find a solution, I began reaching out to different lenders in search of assistance. It was during this search that I received a referral to ICON CDC. I contacted ICON CDC, hoping they could help me secure funding at a rate that would not only alleviate the financial strain but also allow my business to thrive and expand our reach within the community so we can touch more lives and help more people. ICON understood the challenges I faced with high-interest loans and was committed to finding a viable solution. With expertise and in-depth knowledge of the lending landscape, they guided me through the loan packaging process with precision and care. ICON CDC's attention to detail and commitment to presenting my business in the best possible light helped me secure funding at a much lower interest rate than I had previously been burdened with. Now, because of my new financing arrangement, I was provided immediate relief for my business. With the financial burden lifted, I can now provide more jobs, confident in the fact that I had secured a loan that aligned with my business goals and aspirations. Their guidance, expertise in loan packaging, and connections within the lending industry were instrumental in helping me achieve financial stability and position my business for long-term success."
In the past year, ICON CDC has assisted 168 businesses in receiving $4.3 million in funding and 300 businesses in receiving grants totaling $1.2 million. As Managing Director with ICON CDC, and responsible for implementation of these grants, I see small business as the engine of economic growth in Los Angeles and the San Fernando Valley and ICON CDC is at the center of that engine. This financial support will pave the way for more robust and impactful programming, and support the launch of a small business incubator to create more economic self-sufficiency in the Northeast San Fernando Valley, through business creation and growth. ICON CDC is committed to its vision: to build a thriving San Fernando Valley with economic opportunity, social justice, and civic engagement for everyone.
