California Microenterprise Leaders Announce $1 Million Investment by Merrill Lynch for Los Angeles Business Start-Ups.Microbusinesses Across the Country Poised to Lead Economic Recovery LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- The California Association for Microenterprise Opportunity (CAMEO) today announced that Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. has made a capital investment of $1 Million in the Valley Economic Development Corporation (VEDC VEDC Valley Economic Development Center (Los Angeles, CA, USA) ) to stimulate microbusiness expansion and job creation in the Los Angeles area, hard hit by foreclosures and dried up bank lending. "VEDC is extremely proud to partner with Merrill Lynch to address the credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. facing microbusinesses," said Roberto Barragan, Executive Director of VEDC. "We have seen a quadrupling of demand for assistance that is only limited by available loan capital. Merrill Lynch's investment will allow us to continue to make loans to microbusinesses and other entrepreneurs well into 2009, creating approximately 300 jobs and helping to energize en·er·gize v. en·er·gized, en·er·giz·ing, en·er·giz·es v.tr. 1. To give energy to; activate or invigorate: "His childhood California's economy." VEDC is a non-profit microenterprise development agency that helps create and sustain jobs by providing consulting, training and financing to local microbusinesses - businesses started with less than $35,000 and five or fewer employees. The capital investment in VEDC was initially proposed by CAMEO, the state's leading association of Micro Enterprise development organizations. "Microbusinesses are proven job creators," said Claudia Viek, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CAMEO. "Banks and the federal government should follow Merrill Lynch's lead and make microbusinesses a priority in their efforts to get capital out to a credit-starved economy." Viek said that a coordinated effort to support microbusiness creation will lead the American economy more rapidly out of recession. She detailed figures that show microbusinesses are the lifeblood of the economy. More than 4.5 million new jobs were created in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by microenterprises between 2000 and 2005. On average, microenterprises are responsible for 900,000 new jobs created per year. There are an estimated 24 million microenterprises in America today, representing 18% of all private employment in the country. More than 87% of all businesses in the United States today are microenterprises. "CAMEO and Merrill Lynch have taken a bold step to make financing available to microbusinesses throughout Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ," Barragan said. Their commitment to microbusiness in California is a model for state and federal decision-makers struggling with policies to stimulate the economy." |
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