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12-05-2008, 08:29 AM | #1 |
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City extends $1 Million in Bridge Loans to Car Dealerships
While the Detroit 3 CEOs are in Washington DC trying to secure $34 Billion in Bridge Loans, two Dealerships in Norco, CA have gone to their city's Redevelopment Agency and secured Bridge Loans of $500,000 each.
The Bridge Loans from the City of Norco are thought to be the first example of a city extending credit to car dealerships in an effort to keep them as a viable business. The General Manager of the Dodge Dealership that received the $500,000 loan stated that his dealership may have been forced to close if they hadn't received the loans from the city. Here's a link to the news report: http://www.pe.com/localnews/inland/s...5.4504e23.html |
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