SAN FRANCISCO--(BUSINESS WIRE)--Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 financing for growing businesses, today announced that Baydelta Maritime (http://www.baydeltamaritime.com) secured $10.4 million in total project financing to acquire the “Delta Audrey,” a powerful, new, 100 foot, 85-ton (6,800 horsepower) tractor tugboat. Baydelta Maritime provides tugboat escort and assist services for petroleum tankers and cargo vessels entering and departing the San Francisco Bay and its tributaries.
The Delta Audrey features the most modern design, engines, and equipment to increase safety, reduce fuel consumption and carbon emissions, and provide increased capability to stop or redirect a tanker in shorter distances.
“Our customers, the ship owners, continually demand more powerful tugs that can stop or redirect a tanker in a shorter distance, so we’ve been revamping our fleet since 2007 to build this class of tug—the most powerful on the West Coast for the work we’re doing,” said Shawn Bennett, General Manager, Baydelta Maritime. “The whole purpose is to increase safety by improving our ability to maneuver in case of an emergency, which is exactly what this tug is designed to do.”
“The SBA 504 loan program is a great fit for Baydelta Maritime,” said Jacklyn Jordan, President and CEO of Capital Access Group. “The 504 program provides access to low down payment, fixed-rate, long-term financing, which freed up capital for Baydelta to use for other purposes. In addition to creating new jobs, the Delta Audrey will increase shipping safety and efficiency in the San Francisco Bay.”
Capital Access Group financed $4.7 million and First Bank provided $5.7 million in financing for the Delta Audrey. First Bank also provided construction financing in the amount of $10.3 million.
“The longevity of the 504 loan is what helps us in terms of being able to free capital for other purposes including hiring the crew to man the tug,” said Bennett. “The SBA 504 loan enabled us to do it.”
“Our experience with Capital Access Group has been exceptional,” said Bennett. “Alan Jung (SVP & Chief Credit Officer) and Tom Parini (Loan Officer) were outstanding in terms of guidance and looking at all the data we kept throwing their way and helping us put it all together. It’s really been a great experience for us.”
About Capital Access Group: San Francisco-based Capital Access Group is a leading Certified Development Company, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 4.95%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
