B STREET THEATRE
JOBS CREATED BY LOAN: 12
LOAN AMOUNT: $12,000,000
B Street Theatre is a nonprofit performing arts center with productions for adults and children, which have been delighting audiences in the Sacramento region for 25 years. When the Theatre tried to expand in a new location, founders struggled to raise the funds needed. IBank provided the largest amount of the nearly $29 million in funding needed to build B Street’s new two-theater complex, allowing them to finally break ground in May of 2016. IBank’s Board approved issuing a $12 million conduit bond for the project, which will be loaned by Five-Star Bank through IBank, over 30 years.
The loan is supported by a $2.5 million guarantee, through the Small Business Financial Development Corporation of Orange County, under IBank’s State Small Business Loan Guarantee Program. “The loan guarantee helped B Street Theatre with our expansion project,” said Bill Blake, managing director of B Street Theatre. “It completes an entertainment, theatre and arts district that will continue to make Sacramento a cultural destination.”
Proceeds from the loan will support construction of a new 45,000 square foot theatre complex built on land donated to B Street by the Sutter Medical Center. The project will contribute to the City of Sacramento’s Mid-Town District Redevelopment Plan, support tourism, add to the City’s cultural amenities, and its citizen’s quality of life. In addition, the Theatre will hire 12 employees and retain 31 jobs.