Business was brisk at the local Hollister Honda store on San Felipe Road until recently, when the affects of a slumping economy forced its owners to seek an extension of the loan repayment terms with the city's Redevelopment Agency.
The agency in 2006 approved a loan of up to $1.5 million for the business, which sells Honda motorcycles, watercraft and all-terrain vehicles. The store is one of two so-called "Level 5" businesses in the state, meaning it carries nearly everything that Honda makes - except cars. In 2007, the RDA provided an additional loan of $400,000 to the business, which was one of the top 10 sales-tax generators in the city in 2008, according to city officials.
The original loan terms included a deferment period that meant business owners did not have to make principle or interest payments while the store got on its feet. The modified loan, approved at the Hollister City Council meeting June 15, extends the deferment period for two more years.
Look for the full story in The Pinnacle on Friday.
For a Free Lance story published when the Honda store opened, go here.
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