business

Business and Industry Loan Guarantees in California

The US Department of Agriculture (USDA) offers business and industry loan guarantees in California as an economic development funding source to enable commercial lenders to provide more affordable financing for businesses in eligible rural areas and small towns. The program reinforces the existing private credit structure by guaranteeing loans for rural businesses, enabling private lenders to extend more credit. There must be sufficient collateral to protect the interest of the lender and the agency.

Borrowers can be for-profit businesses, nonprofits and cooperatives, federally-recognized tribes, public bodies and individuals. Guaranteed loan funds may be used for business conversion, enlargement, repair, modernization or development; purchase and development of land, easements, rights-of-way, buildings or facilities; purchase of equipment, leasehold improvements, machinery, supplies or inventory; debt refinancing when new jobs will be created and other conditions are met; and business and industrial acquisitions when the loan will keep the business from closing and/or save or create jobs.

Contact RSG to guide you through the process of obtaining a loan.

Written by Dima Galkin, an Associate at RSG

Serving Successor Agencies

On Friday, March 18, the Irwindale Successor Agency closed escrow on the sale of a property listed in its Long Range Property Management Plan. Located at 4954 Azusa Canyon Road, the property is 0.52 acres, zoned for light manufacturing, and improved with an approximately 10,000 square foot building.

RSG served as the broker for the transaction. We marketed the property, preparing and distributing an offering memorandum and other marketing materials to interested parties and local businesses and advertising the property in various online forums. In order to recommend the best offer to the Successor Agency, RSG reviewed all of the offers, guided by the Successor Agency’s vision for the property, the content of the offers, and the experience of those making the offers.

As consultants who provide Successor Agency services, we also drafted staff reports and resolutions for the Successor Agency and Oversight Board meetings in which the Exclusive Negotiation Agreement (ENA) and Purchase and Sale Agreement (PSA) were approved. We attended those meetings and coordinated with the State Department of Finance to ensure the approval of the sale.

Given RSG’s mission to improve communities, we provide more services than a traditional broker. In addition to wanting to sell the property, we endeavor to ascertain that the property is sold to a buyer who will develop or maintain it as an asset to the community.

Congratulations, Irwindale! If your city’s Successor Agency needs assistance in selling properties, give us a call.

Written by Dominique Clark, an Associate at RSG