Banks to Unveil Center for Latino Small Businesses

To serve the financing needs of the Latino small-business community, a consortium of banks today will unveil the East Los Angeles Small Business Development Center.

The business center, at 5161 E. Pomona Blvd., Suite 212, will help East Los Angeles businesses more easily obtain capital and get management training and financial advice, said Alberto Alvarado, district director of the Los Angeles office of the Small Business Administration.

The center’s opening follows a tour in April sponsored by the SBA that took bankers through the heart of the East Los Angeles business district, which has only six bank branch offices in a 12-square-mile area.

“What we hope to do here is replicate the idea in other parts of our service area, such as South-Central,” Alvarado said. “It’s an idea that has caught on with other banks. They view it as an entry to these communities with the support of the SBA.”

On-site loan officers from 10 banks will assist small-business owners with loan applications. Business consultants will provide free management and technical assistance.

The SBA, Los Angeles County and the state of California provided funding for the center, which will be one of four centers and five smaller satellite offices in Los Angeles County.

Participating are Banco Popular, California Center Bank, City National Bank, First Interstate Bank, General Bank, Goleta National Bank, Hanmi Bank, Nara Bank, Saehan Bank and Wilshire State Bank.