Watts is slated to get its first-ever business accelerator under plans announced Tuesday by the Valley Economic Development Center and a local community development organization.

The VEDC announced it is partnering with the Macedonia Community Development Corp. – which is affiliated with the Macedonia Baptist Church – to set up the Watts Entrepreneur Business Accelerator program. The accelerator will be housed at the Macedonia Community Development Center, which is on the church campus.

This is apparently the first known business accelerator or incubator program centered on the economically distressed Watts neighborhood. The aim is to help local businesses grow and create up to 40 new full-time jobs.

VEDC will provide local businesses selected for the program access to a $25 million loan fund to fund small business loans of up to $250,000 through the African American Small Business Loan Program and microloans of up to $50,000 through the Macedonia CDC. Small business owners will also receive guidance while applying for loans, along with finance, accounting technology, marketing, procurement, and other business assistance after the loan has been granted.

“The establishment of the Watts Entrepreneur Business Accelerator in partnership with Macedonia CDC takes direct aim at the lack of employment opportunities in the area by working with local minority-owned businesses to create jobs that will make the community stronger,” said Roberto Barragan, chief executive of the VEDC.

Expectations in the community are high, said Rev. Shane B. Scott, senior pastor of the Macedonia Baptist Church and chairman of the Macedonia CDC.

“The measure of success for Watts will be when new businesses open and succeed, creating economic mobility for entrepreneurs, employees, and their families,” Scott said.

Public policy and energy reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.