Lenders start clearing detours from road to recovery. (aftermath of the 1992 riots in Los Angeles, California)~ (Special Report: Banks & Finance)Ninety loan officers from the U.S. Small Business Administration were busy last week at seven disaster centers which were set up across Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County to take applications for $300 million which is available for loans to businesses that suffered uninsured property damage and economic injury during the riots This is a chronological list of riots: 17th century and earlier
Almost 500 people, including about 100 Korean business owners, waited in lines to get into the disaster centers, said Jill Finnie, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government spokeswoman. However, there is no need to rush to the centers, Finnie said, because they will be open for several weeks. Loan processing will take about 60 days, she said. The SBA expects applicants to show some ability to pay the loans back and all loans must be approved by a special loan committee, said Finnie. Still, that doesn't mean that business owners who have lost everything in the riots will be denied loans, she said. "Don't assume we can't help you. This is a disaster loan program and we know you've suffered damage," Finnie said. "For a business person, as long as we see that with our help you'll be able to get back in business, we know you'll be able to get a loan." Historically, the SBA has approved two-thirds of loan applications in its disaster programs, Finnie noted. Loans are available at interest rates of 4 percent for businesses that have been denied loans at private banks, and 8 percent for businesses which have been approved for a loan from a private financial institution, Finnie said. Most loans made in disaster programs have historically been at the 4 percent interest rate, she noted. Businesses which suffered riot-caused property damage that is not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by insurance may apply for loans up to $500,000, she said. Loans of up to $500,000 will also be made available to businesses which suffered economic injury from having to close shop because of the riots, she said. The SBA limits the amount lent to a single business to $500,000, Finnie added. Most loans granted in the past have been 30-year ones with flexible repayment schedules and deferments of at least six months. Normally, SBA loans are only available to small businesses, with $3.5 million or less in revenues or fewer than 500 employees, but large businesses may apply for loans for uninsured property damage under the disaster program, Finnie said. Large businesses, however, are not eligible to receive loans for economic injury, she said. To help staff the SBA disaster centers, the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Bankers Association coordinated a group of 50 volunteer loan officers from area banks who will work in the centers for three weeks, said Nancy Badely, spokeswoman for the bankers association. Numerous banks, including First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. , Union Bank and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. are offering special programs, including extended loan repayment schedules and bridge loans, to business customers who suffered damage, Badely said. Riot-affected business owners should call their bank to find out if any special loans or grants are available, she said. Bank of America was also taking applications at six area branches from owners of riot-damaged businesses under a special $25 million program which is part loan and part investment. Under the program, local business owners may borrow up to $100,000 and not pay back principal or interest for three years. In order to get information about the Bank of America program, business owners should call (800) 773-2632 Business owners who wish to apply for SBA loans should go to a disaster application center and bring with them a written inventory of damages as well as proof of residence. Disaster application centers are open at the following locations: * David Gonzales Recreation Center 10943 Herrick St. Pacoima, CA 91331 * Harvard Recreation Center 1535 West 62nd St. Los Angeles, CA 90047 * Hollywood Recreation Center 1122 Cole Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent . Los Angeles, CA 90038 * Ardmore Recreation Center (Koreatown) 3250 San Marino San Marino, city, United States San Marino (săn mərē`nō), residential city (1990 pop. 12,959), Los Angeles co., S Calif.; inc. 1913. Of interest is the Huntington Library, Art Collections, and Botanical Gardens. St. Los Angeles, CA 90006 * Watts Watts, residential section of south central Los Angeles. Named after C. H. Watts, a Pasadena realtor, the section became part of Los Angeles in 1926. Artist Simon Rodia's celebrated Watts Towers are there. Senior Citizens Center 1660 East 99th St. Los Angeles, CA 90006 * Roy Campanella * California Recreation Center 1550 Martin Luther King Blvd. Long Beach, CA 90313 |
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