SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
Santikos Entertainment has obtained a $50 million loan that puts the Alamo City-based owner of several movie theaters on firmer financial footing as the COVID-19 pandemic drags on.
The loan — facilitated by The Bank of San Antonio through the Federal Reserve Bank’s Main Street Lending Program — will be used to pay off an existing private banking loan whose terms had become burdensome.
Without the new loan, Santikos would have been forced to maximize its debt against other assets to maintain operations, CEO Tim Handren said.
The Main Street Lending Program is intended to help businesses and organizations that were in sound shape prior to COVID-19, and the timing of Santikos’ access to those funds is key.
“It’s a life raft, frankly, that lets us continue to find ways to innovate and to keep the legacy of John Santikos alive,” Handren said.