Richmond , VA- Richmond Economic Development Corporation (REDC), a non-profit 501 (c) (3) corporation announced the establishment of a college scholarship and made its first award to Diana Hassineah, a 2008 graduate of the Richmond Community High School . Ms. Hassineah will be attending Virginia Commonwealth University (VCU) this fall to study marketing and international business. She was awarded a $2,500 scholarship and will be a 2009 summer intern with REDC.

In making the award to Ms. Hassineah, REDC's President and CEO, Stephen J. Schley said, “we're pleased to provide financial support to Diana as she begins her studies at VCU. Although this is our first scholarship award, we hope to expand the program to include students in Petersburg , Hopewell , Sussex , as well as in Richmond .”

REDC is a licensed 504 Certified Development Company (CDC) by the U.S. Small Business Administration (SBA) and a certified Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. As a non-profit organization, its mission is to increase the formation and expansion of small businesses in low-income communities of the Richmond/Petersburg MSA that lack accessibility to traditional bank financing. Under its various loan programs, REDC is able to lend up to a maximum loan of $4 million. Since its inception in May 1995, the organization has provided financing to 651 such businesses aggregating in excess of $23.4 million, which has created/retained 4,438 jobs through June 30, 2008.

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