SBA Loan Saves 60 Jobs at VIP Litho in San Francisco
Press release from the issuing company
SAN FRANCISCO---Feb. 26, 2002--Sequoia National Bank announced today its successful funding of a loan to VIP Litho that saved 60 jobs. VIP Litho was a 30-year-old San Francisco printing company that was bought by an East Coast firm, Lason, in 1997. Lason filed for bankruptcy last year, and its assets were about to be sold and the employees laid off.
At that point, the employees decided to seek financing to buy the assets and re-constitute VIP Litho. The employees were led by Sharli Kessecker, and in a race against the bankruptcy court's timeframe, they came to Sequoia National Bank to finance their purchase. The Bank was able to make a loan backed by the Small Business Administration. With this financing, the employees purchased all the equipment and assets, and to continue in business. VIP President Kessecker made it clear that all 60 employees would have lost their jobs had they not gotten financing to buy the business and keep it alive.
Bank President Joe Garrett stated, "We had faith in the new management, and we had faith in their business plan.''
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