South Los Angeles is now home to the first federally recognized Women’s Business Center at the Vermont Slauson Economic Development Corporation (VSEDC). This new center aims to provide resources and support for women entrepreneurs in the local community who are looking to start or grow their businesses.
According to the Small Business Administration, small businesses contribute more than 40% of the U.S. economic output. The agency also reports that the country is currently experiencing a “historic Small Business Boom,” with over 17.5 million new business applications filed since President Biden took office. In California alone, there have been 1.7 million new business applications.
This surge in new business applications is largely driven by people of color and women, who are starting businesses at higher rates than their male counterparts. The establishment of the Women’s Business Center at VSEDC aims to support and empower women entrepreneurs in South Los Angeles as they navigate the challenges and opportunities of starting and running their own businesses.
During the launch event, Los Angeles Mayor Karen Bass and U.S. Small Business Administration Administrator Isabel Casillas Guzman highlighted the importance of providing resources and support for women entrepreneurs in underserved communities like South Los Angeles. They emphasized that this new center will help bridge the gap between these entrepreneurs and their success by providing them with access to mentorship, training, and funding opportunities, among other things