Empowerment Zone Aid Forms Available

Applications to receive financial assistance are now available to individuals and organizations interested in doing business in the San Fernando Valley section of the Los Angeles Empowerment Zone, U.S. Rep. Howard Berman (D-Panorama City) announced this week.

Community Development Banks were created in 1994 by the Clinton administration as an expansion of its Empowerment Zone and Enterprise Community Programs, which seek to spur economic development in impoverished urban areas.

The banks, which offer low-interest loans, grants and other financial incentives for qualified applicants, are funded through the federal Department of Housing and Urban Development in a cooperative venture with private financial institutions.

The Los Angeles Empowerment Zone encompasses numerous areas within the county.

The Valley portion is in Pacoima in an area bordered by Van Nuys Boulevard to the west, Osborne Street to the east, the Foothill Freeway to the north and San Fernando Road to the south.

At least 51% of the workers must live in Pacoima within the empowerment zone for a business to receive aid from the community development bank, although the business itself may be located outside the zone, said Margaret Mott, an aide in Berman’s office.

“These are basic small-business loan applications,” said Mott.

“It’s an opportunity for people who don’t meet the criteria with commercial banking institutions to get some assistance.”

The Los Angeles Community Development Bank applications are available at Berman’s Mission Hills office, 10200 Sepulveda Blvd.

For more information, call (818) 891-0543.