3 Pacoima Firms Get Enterprise-Zone Loans
Three Pacoima businesses Tuesday reaped the first rewards of the community’s designation as a state “enterprise zone” with the receipt of a total of $455,000 in low-interest loans for construction and other improvements.
The bulk of the money, $350,000 in state economic development funds, was awarded to the developer of Sol Vista Park, a $3.6-million, 74,000-square-foot industrial building under construction on Arroyo Street.
Marvin Solomon, project developer and owner of Soltec Corp., an industrial electronics firm that will be in the building, said the 7.5%-interest loan enabled him to build a larger plant and gives him room to expand and provide more jobs.
“I hope this will be the cornerstone for new development in this area,” Solomon said. Two other Pacoima businesses received smaller city-funded loans.
Sara Hardman of Hardman Industries, a manufacturer of restaurant furniture, received a $20,000 loan to expand her inventory. Vera Lazar, owner of a small shopping center, received $85,000 to renovate her building.
Pacoima is one of 13 California communities selected last year by the Deukmejian Administration to participate in the enterprise zone program. It is designed to revive blighted areas by offering incentives such as tax breaks and loans to businesses that locate there.
The 6.7-square-mile Pacoima zone includes parts of Van Nuys Boulevard, San Fernando Road and Foothill Boulevard.
Hopes for Zone
Community leaders and politicians hope the enterprise zone will turn Van Nuys Boulevard into a thriving commercial center, help attract industry to San Fernando Road and Foothill Boulevard and, most important, create up to 3,000 jobs.
“There was a time when there seemed to be little hope for Pacoima,” Los Angeles Mayor Tom Bradley told about 150 people who gathered at Sol Vista Park for the check presentations. “But the enterprise zone now makes possible the infusion of money and the kinds of incentives for building and investment that will bring jobs.”
“They didn’t give me the feeling that they were doing me a favor by loaning me this money,” Hardman said. “It makes it nice to be in Pacoima.”
