Featured Client Success Story: Baydelta Maritime’s Newest Tugboat, DeltaAudrey, Sets Sail with $10.4 Million SBA 504 Financing Package
San Francisco-based Baydelta Maritime provides tugboat escort services for petroleum tankers and cargo vessels entering and departing the San Francisco Bay and its tributaries. The company, which has been updating its fleet since 2007, leveraged the SBA 504 program to acquire the newest member of its fleet, the Delta Audrey.
Capital Access Group helped Baydelta secure $10.4 million in total project financing for the Delta Audrey. The new tugboat, a powerful, 100 foot, 85-ton (6,800 horsepower) tractor tugboat, features the most modern design, engines, and equipment to increase safety, reduce fuel consumption and carbon emissions, and provide increased capability to stop or redirect a tanker in shorter distances.
“The SBA 504 loan program is a great fit for Baydelta Maritime,” said Jacklyn Jordan, President and CEO of Capital Access Group. “The 504 program provides access to low down payment, fixed-rate, long-term financing, which freed up capital for Baydelta to use for other purposes. In addition to creating new jobs, the Delta Audrey will increase shipping safety and efficiency in the San Francisco Bay.”
“Our experience with Capital Access Group has been exceptional,” said Shawn Bennett, General Manager, Baydelta Maritime. “Alan Jung (SVP & Chief Credit Officer) and Tom Parini (Loan Officer) were outstanding in terms of guidance and looking at all the data we kept throwing their way and helping us put it all together. It’s really been a great experience for us.”