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County Modifies Mission Solano Loan

The loan was made to rush the completion of an earlier phase of the Bridge to Life Center.

Information from Mission Solano:

Solano County Board of Supervisors approved Tuesday a modification to the repayment terms of a $750,000 loan made to Mission Solano in 2009 for construction of its Bridge to Life Center.

The loan was made to rush the completion of an earlier phase of the Bridge to Life Center.  Mission Solano had been forced to delay construction for a period of years due to environmental matters affecting the Bridge to Life site, and this delay jeopardized existing funding. 

“In 2009, Mission Solano found itself in a bind,” said Ron Marlette, Mission Solano Executive Director.  “We had a deadline for completing construction of one of the Bridge to Life Buildings.  If we missed the deadline, we possibly would have to return a federal grant for that building.”

The Solano County loan not only allowed timely completion of the building and preserved the earlier grant, it allowed Mission Solano to apply for and receive an additional $500,000 grant from the same federal agency.  The additional $500,000 was used for further construction on the Bridge to Life Center that today will accommodate 208 of the community’s homeless.

“Soon after receiving the County loan we knew the repayment terms were going to be a problem,” said Marlette.  “When we asked for the County loan, we were in line for another grant that could be used to pay off the loan completely.  But that grant funding went away because of the economic downturn.”

The loan terms approved in 2009 called for Mission Solano to pay interest annually and pay the loan off entirely in 2014.  Marlette notes “without the expected grant it would be extremely difficult to save up $750,000.   We have been in discussions with the County for more than two years to gain approval for repayment over time.” 

In anticipation of this modification, Mission Solano was allowed to make only a partial payment of interest in 2011.  According to Marlette, “The Mission told the County that we could and would make the full payment last year, but we would have to cut certain services during the holiday season to do so.  All parties agreed that a partial payment would be a better option.”

Marlette praised the cooperation of the County in working with Mission Solano.  “This modification shows the strength of the public-private partnership between the Mission and Solano County.  We could not do what we do without the backing of Solano County and its elected leaders.”

Laura Calderon June 13, 2012 at 10:02 PM
God Bless the Solano County Supervisors for this loan modification. Without the support of Solano County, the community, and the volunteers, Mission Solano could not continue to operate and that would be a travesty for our county. I can’t tell you the number of people that have gotten a hand up from Mission Solano and through their programs found themselves again, found hope, found purpose, found jobs, and did a complete turnaround and are now productive tax payers. So you see- it really is a good business deal for the community if you think of it monetarily. So “Thank you” again Supervisors for thinking outside of the box and looking at this as the investment that it is.
johnmartin October 25, 2012 at 01:10 PM
That was really very nice loan. The loan was made to rush the completion of an earlier phase of the Bridge to Life Center. People should understand this loan and its advantages. http://www.12monthloans.co.uk

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