PROJECT TARGETS PACOIMA FIRMS; LOANS EXPECTED TO EASE NAFTA'S IMPACT ON JOBS.Byline: Enrique Rivero Daily News Staff Writer Businesses in this northeast San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. neighborhood could, beginning today, qualify for a national loan program for small businesses in communities that have been hard hit by the North American Free Trade Agreement North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. . The national Community Adjustment and Investment Program, or CAIP CAIP Center for Aquatic and Invasive Plants CAIP Canadian Association of Internet Providers CAIP Commonwealth Association of Indigenous Peoples (UK) CAIP Center for Advanced Information Processing , is a partnership between the North American Development Bank The North American Development Bank (NADB) is a binational financial institution capitalized and governed equally by the United States of America and Mexico for the purpose of financing environmental projects certified by the Border Environment Cooperation Commission (BECC). , the U.S. Department of Agriculture and the U.S. Small Business Administration aimed at assisting communities that have lost jobs as a result of the trade agreement among the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Mexico and Canada. The program will be introduced today to Pacoima businesses. Qualifying small businesses in the Northeast Valley community will have access to the loan program under which the 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 guarantees major portions of the loans. ``There has been significant NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's impact in that area,'' said SBA spokesman John Tumpak. Small business either now located in or soon opening in Pacoima's 91331 ZIP code are eligible for the loan program, said Bruce Hodgman, chief of finance for the SBA's Los Angeles district office. Small businesses that receive the low-interest loans under the program will be required to preserve or create one job for every $35,000 in loans over a 24-month period, according to Dorothy Overal, deputy district director of the SBA's Los Angeles district office. Under the program, the SBA guarantees up to $750,000 in loans. Additionally, the fee the SBA charges the lender to guarantee the loan - and that the lender would typically pass on to the loan applicant - will be picked up by the North American Development Bank. The fee is determined on a sliding scale and ranges from 3 percent to 3-7/8 percent of the amount the SBA guarantees, Overal said. For more information about CAIP, eligibility requirements and other rules, call the SBA's Los Angeles district office at (818) 552-3230 or the NADBank at (562) 908-2100. |
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