Pacoima : 3 Firms Damaged in Quake Will Get Loans
Three northeast San Fernando Valley businesses that suffered damage in the Northridge earthquake will receive loans today from the Valley Economic Development Center.
The companies were either denied federal quake funds by thS. Small Business Administration or did not receive enough aid, said Roberto Barragan, director of the VEDC’s revolving loan fund.
Pacoima-based Gold Graphics, which produced World Cup soccer tournament banners that flew over the streets of Los Angeles in 1994, will receive a $350,000. Marcelo’s Food Services, a Pacoima supplier of meats predominantly to Latino restaurants and food markets, will get $380,000. And Sun Valley-based JB Welding will receive $63,000.
The loans will enable the companies to complete repairs, purchase new equipment and create new jobs, Barragan said. The sources are a $6.25-million grant from the U. S. Department of Commerce and matching funds from the city of Los Angeles.
So far, 11 businesses in the San Fernando Valley have received loans through the program, Barragan said.
Los Angeles City Councilman Richard Alarcon, who helped steer loans to Valley businesses, will hand over the checks at 10 a.m. at Gold Graphics, 10051 Bradley Ave. John Rooney, VEDC president, will also attend.
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