Q&A with Peter Guzman, executive director of the Valley Center Opportunity Zone

The recession has hit small businesses hard, and no one knows that better than Peter Guzman.

Guzman is executive director of the Valley Center Opportunity Zone, a joint venture of the Latin Chamber of Commerce and Urban Chamber of Commerce. VCOZ provides cash grants to existing and startup businesses.

Miami-born Guzman, 46, is a Realtor and founding principal of the Opa Group, a company that helps firms make contacts and build relationships with those that can help them grow.

He’s a longtime board member of the Latin Chamber of Commerce and serves as treasurer of its foundation, which serves as the organization’s social arm.

How did you get involved with the chamber?

My real estate career got me involved. I have known the founder of the chamber, Otto Merida, for 25 years. He’s a mentor of mine. Early on in real estate he introduced me to a lot of people and told me to get involved and I’m glad I did. The Latin Chamber is a great organization and can help businesses of all sizes in networking. As Hispanic businesses have grown, the chamber has grown with them.

What is the Valley Center Opportunity Zone?

It’s a joint venture between the Urban Chamber and Latin Chamber to help small businesses in a specific zone. That zone is Charleston, Rancho, Craig and Nellis. Downtown Las Vegas sits right in the middle. There is an application process that a small business must go through. When there was an economic downturn, we shifted our focus to help existing businesses as opposed to startups. We help sustain them, modernize, keep employees and hire more.

How did you get involved?

I have been on the board since its inception in 2006. Because of my business background, there was a feeling I would do well in that role. VCOZ has done wonderful things over the last six years, and we have a great board. It has created more than 400 full-time jobs in a very difficult and challenging enterprise zone.

What is the budget?

Our budget started at $1.5 million and got cut in the legislative session to $450,000. We give grants up to $15,000 per business, which if you know small business, a cash infusion of $10,000 or $15,000 can make or break a business. Many businesses, just on Fremont Street, are thriving because of those small grants we gave them.

Did the budget cuts hurt?

It really put a dent in it. We used to give out grants up to $50,000. You can imagine what $50,000 can do to a small business. We are hoping that as the economy gets better, maybe the next session, they will revisit the budget for VCOZ and find more dollars. We have a track record of money not being wasted and getting put to good use and putting people to work. We recently helped a tire shop with a grant to modernize with computers, and it increased revenue by 30 percent.