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Southern California Business Development Corp

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BUSINESS
October 31, 1992 | PATRICK LEE, TIMES STAFF WRITER
Spurred in part by the Los Angeles riots, a consortium of California banks has created a $10-million community development corporation to lend money and invest in small businesses in riot-affected areas of the city, officials announced Friday. The Southern California Business Development Corp. will pool the resources of several banks, savings and loans, corporations and others to create a fund that makes loans to entrepreneurs who have been unable to secure funding in the past.
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BUSINESS
October 31, 1992 | PATRICK LEE, TIMES STAFF WRITER
Spurred in part by the Los Angeles riots, a consortium of California banks has created a $10-million community development corporation to lend money and invest in small businesses in riot-affected areas of the city, officials announced Friday. The Southern California Business Development Corp. will pool the resources of several banks, savings and loans, corporations and others to create a fund that makes loans to entrepreneurs who have been unable to secure funding in the past.
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NEWS
May 14, 1995
A community development bank created to invigorate the south Los Angeles economy after the 1992 riots is offering a short-term financing program for small- and mid-sized manufacturing and service businesses anywhere in Los Angeles. The Southern California Business Development Corp., which was initiated by the city and funded by a group of local banks, already makes long-term loans to south Los Angeles businesses turned down by traditional banks.
BUSINESS
September 1, 1993 | CHRIS KRAUL, TIMES STAFF WRITER
With prodding from federal regulators, a new minority business loan program was unveiled Tuesday in South-Central Los Angeles that will make $10 million available to small businesses that do not qualify for conventional funding. Funded by 23 California banks, the program reflects the pressure lenders are feeling from the Clinton Administration to increase mortgage and business lending to minorities.
CALIFORNIA | LOCAL
July 19, 1993 | DONALD A. MULLANE, Donald A. Mullane is executive vice president for corporate community development at BankAmerica and chairman of Bank of America Community Development Bank. and
President Clinton's proposed initiative to pump $382 million into community lending programs is good news for South-Central Los Angeles and other distressed areas that are in critical need of jobs and affordable housing. But the initiative stops short of realizing its full potential by not fully tapping the resources of mainstream financial institutions and some of the government's own programs.
NEWS
January 22, 1993 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
In the largest commitment of its kind from a Japanese-controlled bank, Sumitomo Bank of California on Thursday unveiled an agreement to provide more than $500 million--a full 10% of its assets--in home and community development loans to neglected areas in California. Sumitomo said it has made a 10-year commitment to make these loans in low- and moderate-income communities all over the state.
OPINION
May 2, 1993 | MARK RIDLEY-THOMAS, Mark Ridley-Thomas represents the 8th Council District and is chair of the Council's Ad Hoc Committee on Recovery and Revitalization. and
The inescapable question that every person in a leadership position needs to confront is: What has been accomplished since April 29, 1992--since Los Angeles was visited by the worst urban violence this nation has ever known? This query is fair, assuming that it is rooted in a much deeper question: How did things get so bad and who is responsible for reversing this devastating trend? A trend that many had privately concluded--in word and deed--to be irreversible?
BUSINESS
April 30, 1994 | PATRICK LEE, TIMES STAFF WRITER
In what is believed to be the largest effort of its kind, a consortium of 52 California banks has agreed to establish a $100-million community development fund to make loans to small businesses that have been unable to get credit elsewhere. The Community Economic Development Lending Initiative, or CEDLI, is intended to address one of the nagging problems of small businesses statewide: the lack of readily available capital, particularly for companies with limited cash flow or equity.
BUSINESS
January 23, 1996 | PATRICK LEE, TIMES STAFF WRITER
Airing their feelings in public for the first time, community groups from across California revealed deep divisions about Wells Fargo & Co.'s proposed takeover of First Interstate Bancorp when they testified in Los Angeles on Monday at a hearing sponsored by the Federal Reserve. Opponents argued that the merger would strip poor neighborhoods of basic bank services, cost jobs and remove an important source of credit from areas already bereft of capital.
CALIFORNIA | LOCAL
November 3, 1993 | PAUL FELDMAN, TIMES STAFF WRITER
When Kenneth Mitchell needed a set of saws to expand his tiny South-Central Los Angeles contracting business last year, he was quickly rebuffed by the federal Small Business Administration. "They told me: 'You're too small, you haven't been in business long enough and you don't own a house for collateral."
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