Arco Pledges Another $7 Million to Rebuild L.A.
A dozen inner-city projects--ranging from a center to train entrepreneurs to a newsletter that would list job openings--were promised financial backing from Arco on Thursday as the corporation pledged another $7 million to the effort to rebuild Los Angeles.
The projects are intended to create jobs, develop small businesses and revitalize the neediest areas of the city, said Arco Chairman and Chief Executive Officer Lodwrick M. Cook. The donation brings the company’s Rebuild L.A. contribution to $20 million, Cook said.
Among the largest commitments:
* A $1-million grant to the Los Angeles Urban League to establish a center where small-business owners can obtain advice and where aspiring entrepreneurs and managers can be trained.
* A piece of property and cash totaling $1 million to the East Los Angeles-based Puente Learning Center so the agency can open a facility in South-Central to serve the burgeoning Latino population. The new center, at Century Boulevard and Western Avenue, is to offer English instruction, job training and classes for those seeking high school equivalency diplomas.
* A previously announced $1-million capital investment in the black-owned Founders National Bank of Los Angeles with a commitment to match up to $1 million contributed by other companies.
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