Greater Commercial Lending Completes Over $4.7 Million in Financing for Cascade Kitchens

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Jan 10, 2024, 09:30 ET

SBA-Guaranteed Loan to Strengthen Local Food Systems, Bolster Small Businesses in South Lake Tahoe, California

RENO, Nev., Jan. 10, 2024 /PRNewswire/ -- Greater Commercial Lending (GCL), which provides government-guaranteed loans to businesses and organizations in under-served and rural communities, has completed $4.77 million in financing for Cascade Kitchens, a food hall and commissary kitchen in South Lake Tahoe, California.

The loan, guaranteed by the Small Business Administration (SBA) through the 7(a) loan program, extends key financial support to help Cascade Kitchens transform an existing building into an innovative culinary hub. The revitalized space will include a food hall hosting various vendors, a commercial kitchen available for rent and a bar.

With the government-guaranteed financing, the project will help to strengthen food systems and support small businesses in the region while also promoting local economic growth through job creation.

"GCL is proud to support projects like Cascade Kitchens in South Lake Tahoe, California," said Jeremy Gilpin, president of GCL. "Cultivating resilient food systems isn't just about sustenance; it's about empowering communities and fostering economic vitality. Supporting small businesses within these systems isn't merely an investment; it's a commitment to the heart of local economies, creating jobs and ensuring a sustainable future for generations to come."

"Securing an SBA-backed loan has been pivotal in bringing our vision to life for this community food hall project," said Fran Faulknor, Managing Partner of Alpine View Investments. "Thanks to GCL, we're not just building a kitchen; we're cultivating a thriving hub that empowers small businesses, catalyzes innovation and nurtures a more connected, vibrant community."

The financing structure includes participation by Community Bank & Trust – West Georgia. The food hall is expected to open in late 2024.

About Greater Commercial Lending
Greater Commercial Lending (GCL) is a credit organization that brings together banks, credit unions and other lenders to provide U.S. government-guaranteed loans to businesses and initiatives in rural and under-served markets throughout the U.S. and its territories. It helps finance key infrastructure services, like power, renewable energy, transportation and fiber optics, as well as schools, hospitals, restaurants, agriculture, hotels and manufacturers. GCL partners with the U.S. Small Business Administration (SBA) and the U.S. Department of Agriculture (USDA), which guarantee loans, to arrange credit at favorable terms. GCL's network of lenders includes nearly 200 banks, credit unions and other financial institutions.

About Cascade Kitchens
Cascade Kitchens is the first food hall of its kind in South Lake Tahoe. Cascade Kitchens will feature unique food vendors, a grab-and-go market shop, a full-service bar, private event space, and indoor and outdoor dining areas. Our mission is to provide a space for the community of South Lake Tahoe to gather and showcase local food talent.

SOURCE Greater Commercial Lending