A new loan program designed to provide capital to established businesses in Los Angeles is now underway. Organized by San Fernando Valley’s economic development group, Valley Economic Development Center, the program aims to offset the effects of the economic downturn and credit crunch.
The first participant in the program, Powerline Control Systems of Northridge, has received a loan of $220,000 to be employed in the company’s development and marketing of GreenWorx, a light-dimmer used in commercial and industrial locations.
The $15-million loan program, funded by the city of Los Angeles through a loan from the U.S. Department of Housing and Urban Development, will give loan amounts ranging from $45,000 to $450,000, with an estimated average of $250,000. The loans can be used for refinancing debt, working capital and tenant improvements, buying inventory or equipment or buying commercial property.
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