Loans Available.
Old Town Newhall Gazette, September, 1997.
Valencia National Bank has unveiled two new programs to help spur Old Town Newhall revitalization.
Under the first program, qualified borrowers may borrow money at low rates for the purpose of remodeling, refurbishing or creating new facades on their buildings in downtown Newhall. Valencia National Bank will reduce the interest rate to Wall Street prime minus 1 percent, which today would be 7½ percent. Normally loans of this nature would bear an interest rate of prime plus 2 to 4 percent, or 10½ to 12½ percent, bank officials say.
A second program allows property owners and retailers to establish special money market accounts that pay an interest rate of 5 percent, as long as the funds are used to improve downtown Newhall properties. Most large banks pay just 2.3 to 2.4 percent for a comparable account.
"We are making this offer because we are the community bank, a role we take very seriously," bank president John Reardon said.
Reardon said both programs are also available to business people who need capital to comply with the City of Santa Clarita's new sign ordinance.
All businesses throughout Santa Clarita must comply by late 1999 with the ordinance, which restricts the size, location and quantity of wall, window and free-standing signs. Approximately 65 to 75 percent of all signs in the city are believed to be non-conforming.
For more information contact the bank at (805) 254-9900.
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