Quake-Hit Firm Gets $1-Million Loan
The Los Angeles Community Development Bank said Thursday that it is giving a $1-million loan package to help a Pacoima-based banner manufacturer replace equipment damaged in the Northridge earthquake.
The bank, a 1996 partnership between federal and city officials and commercial banks, was created in the wake of the 1992 riots to provide funding to invest in poor neighborhoods like Pacoima.
The latest loan was given to Gold Graphics, a firm that produced the banners for the 1984 Olympic Games and the World Cup soccer tournament in Los Angeles.
At the time of the Northridge earthquake, Gold Graphics was located in a North Hollywood building that was severely damaged. Al Gold, owner of the firm, moved the company to a Pacoima factory, where he has 115 employees.
The loan, including $400,000 from TransWorld Bank of Sherman Oaks, will be used to replace quake-damaged printing equipment and add 42 employees over the next two years.
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