Los Angeles County Community Development Commission
For Immediate Release
Contact: Elisa Vásquez, (323) 890-7415, firstname.lastname@example.org
COUNTY PROVIDES $300,000 BUSINESS LOAN TO NATIONALLY RECOGNIZED COMPANY
Local businesses benefit from County Business Loan Programs
November 17, 2009 - The Community Development Commission of the County of Los Angeles (CDC), in cooperation with the County Board of Supervisors, recently funded a $300,000 business loan to CYR International, Inc. (CYR), for the purchase of machinery and equipment. The loan funds allowed CYR to acquire the necessary equipment, crucial to the growth of their operation.
Located in Alhambra, CYR was established in 2004 to promote, market, and distribute Korean dumplings and other Korean American foods. Mr. Eun Chan Lim, President, stated “CYR could not have expanded its operation without the help of the CDC. Today, CYR has over 30 employees and we are planning to double that number in 2010. The CDC’s financial support came at a critical time and assisted our growth which translates into jobs in this difficult economy where they are badly needed.”
Los Angeles County Supervisor Michael D. Antonovich is very supportive of small businesses and believes that entrepreneurs will help lead Los Angeles County and the nation toward economic recovery. Antonovich stated, “The CDC assists local businesses through the County Business Loan Programs (CBLP), in an effort to provide economic growth and job creation in Los Angeles County. This program is able to step in when normal lending channels are otherwise unavailable.”
The CBLP has approved over $100 million in commercial and industrial loans through a highly successful lending program that started in 1993. Sean Rogan, Executive Director of the CDC states, “Our loan programs have been instrumental in helping businesses create and retain over 3,000 jobs in Los Angeles County.” CBLP assists small-to-medium size businesses expand and create low-to-moderate income jobs with a revolving loan fund that supports companies with their expansion and development. Typical allowable loan uses include inventory and equipment financing, working capital, and acquisition of real estate. Loan amounts range from $50,000 to $5 million. The current rate is fixed at 6.50% percent with a loan fee of 2 points for a term of 5 to 20 years. In order to be considered for the CBLP companies must show good credit, provide evidence of repayment ability and adequate collateral.
For additional information on the loan programs, please contact Iris Alvarado at (323) 890-7044, Rodolfo Quiroz at (323) 890-7202, or visit the CDC’s website at www.lacdc.org.