To capitalize a revolving loan fund of $500,000 financing three small businesses, owned and operated by female and minority owners in South Los Angeles, California and $300,000 for operating expenses - Vermont Slauson Local Development Corporation (VSLDC) will use $800,000 in CED funds to establish a revolving loan fund in South Los Angeles, California. CED funds will be used to support the expansion of three local businesses. Rich RNB (dba Sol of LA) will use CED funds to open a second restaurant location, acquire a food truck, and hire staff to serve more communities. C&M Cleaning and Maintenance Services will use CED funds to expand its services to more buildings and offices. Specifically, CED funds will be used to acquire a utility truck and three pressure washers as well as for working capital and hiring new staff. Los Angeles Housing Compliance will use CED funds as working capital to acquire more contracts, remodel a new office, and hire additional staff. The project will leverage an additional $210,000 in applicant-supplied funds. This project will create 32 new jobs, 24 of which will be filled by individuals with low income.
