Theatres are hurting nationwide due to the COVID-19 pandemic. Santikos Entertainment is one of the locally based movie and entertainment complexes that are struggling. It’s because many people are choosing to stay home and watch entertainment that’s available on a variety of streaming services at a moments notice.
A $50 million loan that was fulfilled by The Bank of San Antonio fed through the Federal Reserve’s Main Street lending program is like a liferaft for the business. The funds will help Santikos maintain their daily operations due to low attendance and also a slow film industry that isn’t cranking out many movies this year.
Without this money, the company would have to maximize debt against other assets in order to maintain operations, said the CEO of Santikos Entertainment, Tim Handren.