L.A. Community Bank to Hold Orientation

The Los Angeles Community Development Bank will hold its fourth annual public meeting Tuesday to explain its services and how entrepreneurs can access financing and federal tax credits if they locate their businesses in the federal empowerment zone.

The meeting, held with the Empowerment Zone Oversight Committee, will take place from 6:30 to 8 p.m. at the Los Angeles Area Chamber of Commerce at 350 S. Bixel St.

The federally funded bank was established to create jobs for residents of the region’s most blighted pockets by financing businesses there rejected by conventional lenders. The area served by the bank--the empowerment zone--encompasses Pacoima, the eastern half of downtown Los Angeles, Boyle Heights, South-Central L.A., Watts and the two unincorporated L.A. County communities of Firestone and Willowbrook.

The empowerment zone was designed in 1995, but until recently Los Angeles failed to win corresponding benefits available to other cities. Tax credits for businesses in the empowerment zone only became available Jan. 1. They include wage and hiring tax credits; tax-exempt bonds for financing of commercial, industrial and mixed-use projects; first-year cleanup costs for contaminated property; and credits for capital purchases.

In addition to small-business loans, commercial real estate loans and a venture capital fund, the Community Development Bank is working to link borrowers with job training programs for empowerment zone hires.

Spanish translation will be available at the public meeting.

To determine whether a business is located in the federal empowerment zone, visit https://www.hud.gov/ezec/locator. To learn more about Los Angeles Community Development Bank loan programs and requirements, call (323) 759-7759. For further information on federal and state tax credits, contact the city’s Community Development Department at (213) 485-2956.