LOS ANGELES : Business Loans Offered to Public Housing Tenants

Loans of $500 to $1,000 for start-up businesses are now available for residents of public housing through the Housing Authority of the city of Los Angeles, the authority announced Tuesday.

A $150,000 revolving loan fund from the U.S. Department of Housing and Urban Development will be managed by the Coalition for Women’s Economic Development, a nonprofit business training and finance organization. Residents can become eligible for the loans after completing a 12-week business training workshop sponsored by the coalition, said Marshall Kandell, spokesman for the authority.

The loans, with 15% interest rates, will be used for small business projects developed in consultation with the coalition--for example, the funds could be used to purchase materials to manufacture greeting cards or jewelry, or toward purchasing a computer to start a word-processing business. After repaying the initial loan, individuals will be able to apply for an additional $1,500. The coalition can be reached at (213) 489-4995.