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Tuesday, Aug 16, 2022
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Loan Expected to Stabilize Pacoima Company

A Pacoima business has received $1.3 million in assistance from federal and city sources designed to get its debt under control and expand its operations. City Council President Alex Padilla last week secured a $600,000 economic development loan for Gold Graphics that “will provide capital assistance needed to stabilize business operations, retain jobs on site, and to grow the company,” according to a statement from his office. Also, the Valley Economic Development Center received a $700,000 grant from the U.S. Department of Health and Human Services to invest in Gold Graphics. “They’ve been in Pacoima a long time, they hire locally, pay well and provide good benefits to their workers,” said Roberto Barragan, VEDC president. “The city’s loan and our investment will save all the jobs, and it will also create 70 new jobs.” Gold Graphics employs 105 people working out of a 120,000-square-foot facility in Pacoima. The company’s owners said revenues exceeded $15 million just last year. But the company struggled to stay in business after losing an account from Circle K, a convenience store at gas stations, to corporate consolidation and a subsequent relocation to Texas, according to Padilla’s office. Phone calls seeking comment left for co-owners Andy and Ken Gold were not returned by press time.

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