L.A. Community Bank to Open Satellite Office
The Los Angeles Community Development Bank, established in 1993 to create jobs and spur economic growth in impoverished areas, will open a satellite office in Pacoima on Monday.
“The problem is that Pacoima is so far from downtown,” said City Councilman Richard Alarcon. “They needed a base of operations to market the program.”
Alarcon said, however, that he was concerned that the bank has not been making as many loans as it could.
“I wish it would have opened a year ago, but I am pleased that it is opening now,” Alarcon said.
The community bank is a partnership among the federal Department of Housing and Urban Development, the city and county of Los Angeles, and commercial and community lenders.
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