Southern California lender Valley Economic Development Center said it has received a $16 million infusion after it almost ran out of money to lend to small businesses.
About $15 million will be contributed by the city of Los Angeles and another $1 million by Merrill Lynch, according to the Los Angeles Times. The lender is also working with Wells Fargo and Bank of America to provide additional funds.
The funds from the city will be used to provide loans of between $100,000 and $400,000, while the money from Merrill Lynch will be targeted at loans of between $5,000 and $50,000. Half of the Merrill Lynch funds have already been allocated.
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