Deep pockets eye Valley for loans, advice to business

first_img [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! A deep-pocketed backer has its eyes on the San Fernando Valley, aiming to bring money and jobs along with its interest. Genesis LA Economic Growth Corp., a private, nonprofit group based downtown, announced Thursday that it will partner with the Economic Alliance of the San Fernando Valley and the Valley Economic Development Corp. Genesis brings with it access to tens of millions of dollars in funds, with an aim to distribute at least $5 million within the next two years. Targeting developers planning difficult-to-finance projects, the partnership will look to provide loans, offer business counseling and connect interested parties. “It’s harder in the Valley,” said Brad Rosenberg, president and chief executive officer of Genesis. “The infrastructure hasn’t been set up here, because people have always focused on the denser areas of poverty like South L.A. But there’s a lot of businesses that need help here, lots of businesses moving out. We hope we can change that.” AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant With job cuts or relocations announced at Washington Mutual, Ronco Corp. and Superior Industries International Inc. in the Valley just in recent weeks, the groups will have plenty of issues to deal with. Genesis already has some experience in the area, providing loans for an industrial park in Van Nuys and the SunQuest Business Park in Arleta. Though Rosenberg said the group does not keep figures on the percentage of loan requests that it ultimately approves, he said he aspires to offer some service to each business that approaches Genesis, whether it’s in the form of money, advice or referrals. Bruce Ackerman, president and CEO of the Economic Alliance, welcomed the partnership, saying it would help bring employment to under-represented areas. “Our focus is jobs, jobs, jobs,” he said. “Whatever it takes to keep businesses here, we want to do it.” Brent Hopkins, (818) 713-3738 last_img

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