Merchant Loan Program Approved
NORTH HOLLYWOOD — Merchants along some major thoroughfares in North Hollywood can qualify for business improvement loans of up to $25,000 under a program approved Thursday by the Los Angeles Community Redevelopment Agency.
Under the program, the borrower may never have to repay the funds because 10% of the zero-interest loans will be forgiven each year for 10 years if the borrower maintains the building.
To qualify, long-term tenants or building owners must use the money to renovate the facades of retail or commercial buildings along Magnolia and Lankershim boulevards and Vineland Avenue in North Hollywood.
For applicants seeking less than $10,000, the CRA will offer grants on a dollar-for-dollar matching basis.
“The new program will help to keep existing businesses in North Hollywood, revitalize local shopping districts and generate new sales for local merchants,” CRA Chairman Stanley Hirsh said.
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