VEDC Valley Economic Develpoment Center VEDC put my home in foreclosure over a $59,000 balance on a formerly $250,000 loan!!! They refused to help modify our monthly payments Sherman Oaks California!!. My mother and I were a former stellar client as well as poster child of this disgusting establishment and I regret to inform the general public seeking any type of small business loan these people do NOT care. They stand for the exact opposite of what they claim to stand for. We asked for a modification as soon as we noticed a change of pattern in our business back in October 2016. Mind you we have always made our payments on time, never once had we asked for a modification. Everything was in process until the former president resigned shortly after and people started dropping like flies. In February 2019 we made a cash pay off to one of our smaller loans and brought another one current. In March of 2019 we ended up in the awful hands of Paul and Victor to follow up in the hope of getting a modification. We met with them personally at their office, they seemed like they were willing to help and then crickets. We heard nothing for a few months. Finally in July of 2019 after agreeing to a workable modification they withdrew their offer and said we had to pay $7,000 in order to receive that modification. After showing them we could not afford a $7,000 payment they made it seem as though they were going to come back with a different modification plan, but never did. Instead, after 5 years of being an amazing client to them we get slapped with a foreclosure notice via text message. Neither Paul or Victor had the decent human courtesy to let us know. VEDC put my home in foreclosure over a $59,000 balance on a formerly $250,000 loan!!! They refused to help modify our monthly payments . We ended up paying double what our balance was because of a whopping 25% daily interest rate. I have been informed this interest rate has never been charged before. They took total advantage of the situation. They had the audacity to charge a $512 fee to delay my sale date for a form my lender had to fill out because they had no one to write it for them!!!I have cc’d the entire board SEVERAL times and have received NO response from neither Ray Vadalma, Pegi Matsuda, Anne Williams, Nishen Radia, nor Scott Aney. They would rather see a client on the street than actually help them grow their business. They claim… “Our mission is to create jobs and promote economic development” … if this was the case why didn’t they modify my loan? I employ 5 people, they nearly lost my 5 employees their jobs and our family’s home. “Our clients are the best part of VEDC. Every one of them inspires us with their incredible work ethic, drive, and belief in themselves” … Are they really the best part of you VEDC? Why? Because you get to keep your home and their home and put them on the street in return? I do not see the work ethic inspiration in any of this. You have board members who know how to read an email, why didn’t any of them ever try reaching out to me for a modification or to see how my business was doing, if I needed any type of support, assistance, exposure, client help, mentoring, technical assistance, industry insight, etc? Or to try to negotiate with me? Why would you want to put a family out on street and my employees out of their job? Everything you do is an out right breach of your own statements. “VEDC (Valley Economic Development Center) is a leading non-profit small business lender that has a 40 year history of changing the way small business lending is done by making it more available and impactful.” Does a non profit really screw an excellent client over $59,000, let alone foreclose on a home of an excellent client because as Paul said, we can get way more out of your home than what you owe! Does a non profit also typically charge a daily interest rate of 25% because they feel like it?! I DON’T THINK SO! I am fortunate enough to say we were able to save our home and can now freely expose the dirty job VEDC does towards small businesses. If anyone currently has a loan with them I strongly urge you to GET OUT WHILE YOU CAN, you are only as good as your current business dollars. They are not there for you in good times and bad. They simply do not care. There is nothing non profit or caring about them, everything is motivated by money making. We are preparing to write about their disgusting malpractice to the Business Journal, the media, The California Department of Business Oversight and The State of California. We all work so hard to build our dreams and no one should be allowed to break us down by taking advantage of us! VEDC has exhausted us physically, mentally, emotionally and financially!STAY AWAY!
VEDC Valley Economic Develpoment Center
Phone: (818) 907-9977