Valley Economic Development Center is partnering with the city of Los Angeles on a loan program for businesses in conjunction with the Great Streets Initiative.
The Sherman Oaks alternative lender will make available $4 million in business assistance through the Great Streets Great Business program to qualifying applicants in amounts ranging from $1,000 to $250,000.
Los Angeles Mayor Eric Garcetti launched the Great Streets Initiative nearly three years ago to transform streets in neighborhood centers into vibrant public spaces.
The Great Streets program includes five areas in the San Fernando Valley: Lankershim Boulevard in the North Hollywood Arts District; Reseda Boulevard near the California State University Northridge campus; Sherman Way near the intersection with Reseda Boulevard; Van Nuys Boulevard in the Civic Center area; and Van Nuys Boulevard between the 5 Freeway and San Fernando Road in Pacoima.
VEDC Chairman Nishen Radia said the Great Streets Great Business program recognizes the need to attract and retain businesses that can transform underutilized commercial corridors by generating foot traffic.
“These enterprises are essential in creating a sense of community that may be missing or dormant in these areas, and will stimulate progress in surrounding neighborhoods as well,” Radia said in a prepared statement.