Los Angeles Mayor Eric Garcetti announced a new program in response to the increasing number of commercial vacancies and the growing demand for neighborhood-focused businesses. The Valley Economic Development Center administers the Great Streets Great Business program. They have been helping Los Angeles neighborhoods for more than 40 years. It offers low-interest loans of up to $250,000, as well as technical assistance to existing businesses to expand their operations. To tackle the issue of high levels of commercial vacancy The initiative will also recruit small businesses to the city's Great Streets.
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