City, Bank Offer Loans to Figueroa Street Businesses

Figueroa Street businesses in the shadow of the Staples Center complex currently under construction may be eligible for an expansion and improvement loan through Comerica Bank-California and the city of Los Angeles.

Loans currently carrying an interest rate of 8.75% are available for businesses that qualify and are located on, or about to locate to, Figueroa Street between Wilshire Boulevard and Vernon Avenue. Subcontractors and suppliers working on construction of the Staples Center sports and entertainment complex also can apply for the loans.

Comerica’s partner in the loan program is the Community Financial Resource Center, a private, not-for-profit organization that administers loans from the city’s Community Development Department to economically depressed neighborhoods. Half the loans for the Figueroa Corridor program will come from Comerica, while 40% will come from city community block grant funds. The remaining 10% will be in equity assessed on the applicant’s business.

Comerica is among about 20 banks that have been working with the agency for the last five years, providing more than $1 million in loans to businesses within a 35-square-mile stretch of South Los Angeles bordered by the 10 and 105 freeways, Crenshaw Boulevard and Alameda Street. Loans for businesses within the area but outside the Figueroa Corridor carry a current interest rate of 9.25%, said Ana Rubalcaba, who manages the loan liaison group.

For more information, call (213) 233-1900.