SOUTH-CENTRAL : New Program Gives First Loan to Garment Cutter
A South-Central Los Angeles garment cutter in business since 1964 has received the first small business expansion loan granted by the Community Financial Resource Center, a nonprofit organization of bankers, city officials and community organizations.
Claude Barber, 70, received a $155,000 loan to buy machinery and make repairs to his building in the 4600 block of South Broadway. Barber said the loan will allow him to add four employees to his staff of 12.
The loan program, one of several alternative lending funds gearing up to assist businesses in low-income Los Angeles neighborhoods, is intended to provide expansion capital for entrepreneurs who would not qualify for traditional bank funding.
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