EAST LOS ANGELES : Quake Aid Loans for Businesses Offered
The East Los Angeles Community Union has opened an office to help businesses hurt by the Northridge earthquake that did not receive federal disaster loans.
Under a pilot project sponsored by the U .S. Department of Commerce, TELACU will administer loans of $25,000 to $750,000 for equipment, working capital and repair of commercial property damaged in the Jan. 17, 1994, earthquake. All applicants must have been either rejected by the Small Business Administration or received a loan for less than the amount requested.
The loan must save a substantial number of existing jobs or create jobs. Interest rates will be set at the market rate.
The nonprofit TELACU, founded in 1968, administers a fund that has made $3.6 million in loans to small businesses in the East Los Angeles area over the last several years. in the San Fernando Valley.
The East Los Angeles office is at 5400 E. Olympic Blvd., Suite 306.
Information: (213) 889-5415.
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