HANFORD, CA — Bank of the Sierra announced today that their Ag Credit department has been recognized by the Certified Development Corporation of Tulare County for securing the largest loan of Fiscal Year 2015 for its lending area. The loan, granted to Topline Dairy, will be used for the purchase of a dairy in Hanford.
The Small Business Administration’s 504 Loan Program is a debenture system designed to promote economic development by aiding businesses for whom a traditional loan may not be an option. Under the program, businesses apply for a bank loan which is in turn supplemented by an SBA loan, opening up significantly larger loan opportunities for businesses.
The purchase price for the new dairy totaled $12.7 million dollars, and was secured by a loan consisting of $6 million from Bank of the Sierra and $4.5 million from the SBA/CDC, with the remaining 15% of the sum being supplied by Topline Dairy.
Harroll Wiley, Ag Credit President for Bank of the Sierra, conveyed an appreciation for the chance to partner with the SBA 504 program. “Bank of the Sierra is honored to contribute to the success of local businesses by working with the SBA. The funding they offer makes it possible for agricultural entities to grow and expand where many wouldn’t have the opportunity to otherwise.”
Bank President and CEO Kevin McPhaill expressed his approval, stating, “Supporting local businesses helps strengthen our community and local economy. Bank of the Sierra’s promise is to ‘help make every community we’re in better.’ We achieve that goal when we meet the lending needs of outstanding companies like Topline Dairy. Special thanks to our experienced Ag Lending team, as well as the Tulare County CDC and Small Business Administration.”
About The CDC Business Finance Center
The CDC Business Finance Center helps small businesses make purchases through the variety of lending products and services they offer, whether it be purchase of new land to the construction of a new building. From the new construction of Visalia Ceramic Tile to the purchase of Lindsay Fruit’s existing building and machinery, the Business Finance Center has been an integral part to the growth and success of small businesses throughout the South Valley.
About Bank of the Sierra
Bank of the Sierra strives to make every community we’re part of better. Over the past 40 years the bank has grown to become the largest independent bank in the southern San Joaquin Valley, with assets for 2015 totaling $1.7 billion. Employing more than 400 people over 28 branches, Bank of the Sierra is a full-service financial institution, with an online branch, a real estate industries center, and an agricultural credit center. In addition, we’ve gained recognition as a supporter of community service through our Sierra Grant Program, which donates regularly to local non-profits. Offering more than just financial services, our commitment is to provide the benefits of local banking with a growth-minded attentiveness to the bigger picture. Bank of the Sierra trades on the NASDAQ exchange under the symbol BSRR.