Business Journal: SlideBelts Files For Chapter 11 Protection; Capital Film Office Opens; Rancho Cordova Sets Aside $2.5 Million For New Companies

New Film Office In Rancho Cordova

Rancho Cordova has a new film office. It's called the California Capital Film Office and its goal is to encourage production companies to film more movies, commercials and TV shows in the Sacramento area. The Sacramento Business Journal's Sonya Sorich says most film offices are fully-funded by local governments.

"This one is unique because it's privately owned and operated,” says Sorich. “The city of Rancho Cordova, and Visit Rancho Cordova, gave the film office $40,000 to help start the office."

In exchange for that $40,000, the film office will steer production crews to Rancho Cordova hotels. Production crews often book big blocks of hotel rooms. But the office will focus on bringing projects to the entire Sacramento region, not just Rancho Cordova.

Rancho Cordova Offering New Companies Money

Rancho Cordova has launched an aggressive campaign to attract more companies. The City Council this week approved a new fund that'll give companies up to 100-thousand dollars for setting up business in the city. Sorich says the program is not open to companies that already operate in the Sacramento area.

"This program wants to attract investment from outside the region,” says Sorich. “So, jobs that are relocated from a six-county region around Rancho Cordova will not be eligible."

The city is setting aside $2.5 million for this program, which will give out the incentives on a first-come, first-served basis. Businesses will be required to create at least 20 net new, full-time jobs. And those jobs must provide wages that are 125 percent of the average in the city. Rancho Cordova is hoping to attract: businesses that are poised to expand; midsize companies looking for a new headquarters location; and other businesses that can scale-up quickly.

SlideBelts Files For Bankruptcy Protection

A company based in El Dorado Hills that makes belts without holes has filed for Chapter 11 bankruptcy protection. SlideBelts used to be one of the Sacramento area's fastest-growing businesses. The company's CEO admits they grew too aggressively. Sorich says the company was also expecting to use Regulation A Crowdfunding to help handle its high loan payments.

"Regulation A Crowdfunding is a relatively new federal regulation allowing crowd-funding as a tool to sell securities to the general public,” says Sorich. “But the company didn't raise as much money as it expected to this year."

SlideBelts is still in business. The company had more than $12 million in sales last year. The CEO says he's confident he'll be able to pay back his creditors over time. SlideBelts currently employs 17 people, down from 40 last year. That number is expected to fluctuate throughout the year.