June 29, 2023

Q+A with Adham Sbeih, CEO of Socotra Capital

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According to the website, Socotra Capital is a private money lender specializing in hard money. Can you explain what “hard money” is?

Socotra Capital is a private money lender specializing in financing real estate investors on projects that may not be possible through traditional methods. As a premier lender, we are filling the space that many banks aren’t filling, whether it be a bridge loan, fix and flip loan, commercial refinance, construction projects, or other real estate projects.

The term “hard money loan” refers to a loan backed by a “hard” asset, such as real estate. If you’re a real estate investor or house flipper and need financing for a deal, a hard money loan might be a solid option to explore.

These types of loans aim to secure a property to renovate or develop and ultimately sell it for a profit. An investor might choose a hard money loan over a conventional loan because of the ease of access to the funds. Lending options from financial institutions often have complicated approval processes and weigh heavily on the borrower for approval. Hard money loans are asset-based and typically secured by a mortgage, so their approval process is much faster.

The company has been in business for 15 years and has become a successful regional loan provider. As a start-up, were there things you learned through the process?

I started Socotra in 2007, and John Ingoglia (my partner who passed away in July 2020) joined me in 2008 right before the Lehman Brothers collapse. Back then, I did everything:

  • Sourced the loans.
  • Found the lenders.
  • Drafted up the loan documents.
  • Collected the payments from the borrower.

In the 15 years since our inception, we’ve learned that there is always room for improvement. Problems happen when things get sloppy, so sticking with and trusting our processes is essential. We always ask ourselves: What can we be doing better? Where can we find additional opportunities? How can we improve?

Head shot of Adham Sbeih
Adham Sbeih of Socotra

Last year Socotra Capital was voted one of the Best Places to Work by the Sacramento Business Journal. What are the key ingredients in hiring and retaining your team?

Socotra hired its first employee in 2008. We are now 31 people strong.

We know that for the team to win, we must also help the individual team members succeed. As a company, we work hard to ensure everyone on the team is respected. There is a relentless pursuit of improving the process and systems to give people opportunities.

We embrace the theory of aggregation of marginal gains, where everyone looks for 1% improvements. Everything we do is driven by and measured against our values. And now that things are starting to open up, we are excited about the opportunities that bring us back to the office. We enjoy the camaraderie and the engagement.

What is your favorite part of the job?

My favorite part is watching people grow and develop. I enjoy challenging our team and seeing them grow and respond. Along the way, we have hired college students as interns. Some have stayed with us after college and have become superstars. I am excited to continue to grow Socotra and provide value to our investors, good loans to our borrowers, and solid careers for our team.

Volunteerism is part of your company’s culture. What community organizations does Socotra support and why?

Since 2009, we have sponsored and organized a summer softball league for commercial realty brokers in Sacramento. The money raised during the season comes from the players who ask sponsors to pledge $20 for each strikeout, hit, or homerun. The league now has several sponsors, raising thousands of dollars each year. Socotra Capital matches the money raised by sponsors and players, and the funds are donated to Los Amigos/Sacramento Children’s Home.

Why the name Socotra? Is there a special meaning behind the name?

Socotra is named after an island off the coast of Yemen in the Arabian Sea. Many residents of mainland Yemen have sought safety from the war on Socotra Island. Socotra’s name stems from the firm’s ability to be an island of refuge for borrowers. The late John Ingoglia, the company’s founding partner, named it as such because he always said the best loans are those made in the ‘depths of uncertainty.’

Socotra’s logo is of a dragon tree, an endangered species that can only be found on the island.

River City Bank is not making a recommendation or endorsement, nor assumes any responsibility or liability for any content or services referenced in this interview.

December 1, 2022

BCE: Powering California and Beyond

Barnum Celillo Electric logo
Barnum Celillo Electric logo

Fred Barnum began his career after moving from his hometown of Auburn to the Bay Area to start his electrical apprenticeship. Four years later, he returned to Auburn and took a job with a Sacramento contractor and helped them manage that company for six years.

At the age of 29, he decided to branch out on his own. Barnum wanted to provide exceptional customer value while enhancing his employees’ professional and personal lives. He set out to build a business based on these principles. He reached out to his old bay area boss, Paul Celillo, a contractor and accomplished electrician, and Celillo agreed to partner with him. In 1990, Barnum & Celillo Electric, Inc. (BCE) was born.

Fred Barnum and Paul Celillo built BCE with the intent of becoming one of the premier electrical contractors in the industry. It was founded on three core principles: integrity, dedication, and craftsmanship.

Measuring success.

BCE believes success cannot be measured simply by a financial statement. It measures its success through its most valued assets; its employees, clients, vendors, community, and the environment.

Clients:

The success of its clients has allowed BCE to grow from a concept between friends to becoming one of the largest electrical contractors in the western United States. Clients have come to rely on BCE’s commitment and stability, enabling BCE to retain and add to its base even through the most challenging economic times. Whether designing a million-square-foot e-commerce distribution facility or simply changing a couple of light fixtures, BCE has provided its customers with unwavering dedication, quality workmanship, and unparalleled integrity.

Employees:

The success of its clients has allowed BCE to grow from a concept between friends to becoming one of the largest electrical contractors in the western United States. Clients have come to rely on BCE’s commitment and stability, enabling BCE to retain and add to its base even through the most challenging economic times. Whether designing a million-square-foot e-commerce distribution facility or simply changing a couple of light fixtures, BCE has provided its customers with unwavering dedication, quality workmanship, and unparalleled integrity.

The enhancement of its employees’ personal and professional lives represents the heart and soul of BCE. Each member of the BCE team strives to ensure that the company’s core values are at the forefront of its work. Its entire field staff is either a California State Certified journeyman or enrolled in a State-approved training program. Employee development never stops, and the company continually refines its craft by staying at the forefront of technology and the latest code revisions.

“I believe in creating opportunities. If you take care of your people, they will take care of the company,” says Barnum. “The current workforce is transient, but we don’t have those issues.”

Barnum Celillo Electric building front

Community:

BCE understands the importance of giving back to the community and proudly supports many worthwhile charities and organizations. Contributing to the community is not an obligation but an opportunity. They support many nonprofit organizations, including Lilliput, the Children’s Miracle Network at UC Davis, and the Children’s Receiving Home of Sacramento, to name a few.

Environment:

When BCE first decided to enter into the renewable energy sphere in 2004, clean energy was still considered cutting edge. Fast forward nearly twenty years, and BCE continues its dedication to assisting customers to use alternative energy sources and achieve the most aggressive energy conservation and efficiency. BCE’s building has over 40,000 square feet of solar panels on its roof, providing 257.6 kW (over a quarter megawatt) of power. From concept to design to permitting to construction to installation, they ensure their clients get the best technology and the best value for their projects.

“I believe in creating opportunities. If you take care of your people, they will take care of the company,” says Barnum. “The current workforce is transient, but we don’t have those issues.”

Relationships are key to growing.

During the time of this interview, Barnum and his wife eagerly awaited their fifth grandchild’s birth. He reflected on two pieces of advice that his father gave him:

  1. If you learn a trade and you are good at it, you or your family will never go hungry, and
  2. Don’t make it about the money.

Barnum continues to heed these words and appreciates the growth this wisdom has afforded him. With the help of Celillo and BCE’s incredible team members, he took a one-person shop and built it into a company that employs 300-400 people at any given time. BCE now services both California and Nevada with projects ranging from updating local businesses’ LED lighting to providing its services on high-tech distribution center projects.

For Barnum, loyalty is the tie that binds and is essential in growing personally and professionally. Long-standing relationships are meaningful, and this is why BCE chose River City Bank. The company wanted to work with a community-based bank emphasizing relationships and loyalty.

“River City Bank truly cares about their clients,” says Barnum. “Any day of the week, I know that I can pick up the phone and reach out to Charice (Huntley) or Steve (Fleming) with a question and get a response quickly.”

“It’s all about developing and cherishing the relationships you have,” says Barnum. “If you don’t, they are fleeting.”

March 31, 2022

Client Profile: Sibros Technologies, Inc.

Sibros Tech Logo
Sibros Tech Logo

Imagine your car receiving software updates and remedying safety recalls without you stepping foot in a dealership. Sibros has developed technology that allows for just that.

Car manufacturers update in-vehicle software over the air rather than requiring trips to a dealership. Over the past few years, it has seen rapid growth as demand for its Deep Connected Platform (DCP), which enables software updates and data management, has increased. Sibros and its DCP solution have attracted the attention of tech and auto companies around the world, resulting in a recent $70 million Series B funding round.

We had the opportunity to connect with Sibros CEO and co-founder, Hemant Sikaria, about meeting global demand for its technology while trying to achieve its goal of creating a cleaner, safer future for the automotive industry.

What inspired you to launch Sibros?

Sibros was born out of the frustration of software-related vehicle recalls. I was an early engineer at Tesla, helping to build their over-the-air (OTA) software update systems. During this time, I experienced multiple software-related recalls for my (non-Tesla) vehicle that required me to bring it back to the dealer to fix. The dealership was too busy to service my car right away, leaving me no choice but to drive a vehicle that wasn’t safe – and we had several of these models in my family. From my experience at Tesla, I knew there was a better way, and I wanted to make that a reality for every vehicle, everywhere in the world. That was when the idea of Sibros was born.

Please give us a little background on Sibros Technologies, Inc.

I co-founded Sibros along with Mayank Sikaria, who previously managed the Battery Management System software for electric vehicle (EV) maker, Faraday Future. Moneta Ventures (based in Folsom, CA) made our initial seed investment, later followed by a Series A led by Nexus Venture Partners. On January 25, 2022, we announced our Series B funding round of $70M led by Energy Impact Partners, with participation from Fontinalis Partners, Google, Iron Pillar, and Qualcomm Ventures – along with our existing investors Moneta and Nexus.

Hemant-and-Mayanik-Sikaria-1024x722

What is the Sibros Deep Connected Platform (DCP), and what makes this technology essential to consumers and Original Equipment Manufacturers?

DCP is an embedded software and data management platform that transforms any vehicle into an updatable supercomputer on wheels. DCP is a vertically-integrated, hardware-agnostic solution that meets the highest safety, cybersecurity, and data protection standards and is the only embedded firmware vehicle-to-cloud system that is 95% product and 5% integration.

From a consumer perspective, DCP has the potential to ease their entire vehicle ownership experience, from purchasing a car to preventative maintenance, future upgrades, and selling. Imagine having to visit your cell provider every time your phone needs an update. It simply wouldn’t be practical, and it isn’t practical for cars either, but as vehicles become even more dependent on software, this is the reality we are looking at. Sibros is working to change that reality. So, when a vehicle needs an update, all the owner has to do is press a button rather than drive it to their local dealer.

For Original Equipment Manufacturers, DCP is even more essential.  Manufacturers will see reduced recall costs due to vehicle-wide and full lifecycle over-the-air software updates. Real-time smart data collection and remote diagnostics of every electronic control unit enables manufacturers to proactively identify faults. They’ll have access to full-vehicle data from R&D to decommissioning, which provides efficiency, safety, user preference, and functionality insights to improve future designs and stay ahead of industry trends. In addition, Sibros lowers cloud storage costs with DCPs superior levels of data compression and edge filtering.

The Sibros Deep Connected Platform is used in all types of vehicles – trucks, electric bikes, scooters. What’s next for Sibros?

Our primary goal today is to bring a brighter, cleaner, and safer future to the automotive industry through comprehensive vehicle connectivity at a global scale for any automaker. We have been surprised by how so many consumers are still bringing their vehicles into a dealership to install a software fix for a defect whereby a technician plugs in a dongle to apply the patch. This is akin to bringing your iPhone into the Apple Store for its’ iOS update.

We seek to be the industry standard platform that makes cars updatable like smartphones, regardless of the problem it is experiencing – and more importantly, provide automakers with the opportunity to sense these problems before they even happen. Our technology is extensible and can be applied to other industry domains as well, including industrial machinery, surgical devices, marine or aviation – basically any physical asset that is software-defined, connected to the cloud, and can be maintained, optimized, and improved through IoT-based software management, OTA updates, and data analytics.

What advice would you give someone who is seriously considering branching out on their own? What are the lessons you’ve learned?

If you want to build a truly scalable product or IP-based company, we have learned that you must stay true to your product and core values. Unfortunately, it is very easy to get distracted from this goal. Many great software products started from service-based businesses that solved an internal or client problem and productized their creation (e.g., Freshbooks or Basecamp). Alternatively, and particularly in our field, many consulting companies market their services as ‘products’ which end up being billable’ bodies.’

A big lesson we have learned is that to achieve our goals and scale our product to running on 100M vehicles by 2025, we must maintain the integrity of both our product and company. In the past, we have come across lucrative opportunities to provide services not aligned with our roadmap and vision and have consistently turned these down. When you deviate from your core values, you inevitably divide your resources to accommodate ideas outside of your primary purpose. This often leads to deficiencies, cut corners, and sub-par results. From day one, we have built a team rooted in honesty, integrity, transparency, mutual respect, strong work ethic, and kindness. In addition, we take great care in our customer interactions, as they are the heart of what we do.

At Sibros, we follow one clear path and collectively focus our efforts on enacting high-quality processes, automating workflows, questioning methods and tools, and learning from our decisions. The result is a truly amazing product that continues to exceed expectations and redefine the boundaries of possibility.

March 31, 2022

Yolo Food Bank: Serving Yolo County Communities Since 1970

Mother and daughter at the Yolo Food Bank distribution center
Yolo Food Bank Distribution Center

Back in 1970, Yolo Food Bank was strictly a volunteer program. In 1988, it hired its first employees and officially became a food bank. Fast forward to 2022, Yolo Food Bank now distributes nearly 12 million pounds of food annually and has become a lifeline to the communities it serves. Recently, we spoke with Maria Segoviano, Yolo Food Bank’s Director of Communications. She shared with us how Yolo Food Bank, now the only food bank in the County, had doubled its efforts during the pandemic and how those efforts continue as the lingering effects of COVID remain.

How is Yolo Food Bank helping with food insecurity and advancing nutrition security?

How has COVID changed Yolo Food Bank and the people it supports?

Thanks to the generosity of donors of funds, food, and time, and the nimbleness of our staff of essential workers, Yolo Food Bank was able to adapt and respond to a three-fold increase in the demand for food assistance in a matter of weeks when COVID hit. A new home delivery program was created and implemented in days, and all food distributions were adapted quickly to meet COVID safety protocols. Pre-COVID, Yolo Food Bank distributed less than six million pounds of food annually – it ended 2020 having recovered, collected, stored, and distributed over 10 million pounds of food to tens of thousands of Yolo County residents.

“Pre-COVID, Yolo Food Bank distributed less than six million pounds of food annually—it ended 2020 having recovered, collected, stored, and distributed over 10 million pounds of food to tens of thousands of Yolo County residents.”

 

Tell us about the “Eat Home Yolo” program that began during the height of the pandemic.

Yolo Food Bank and Community
Yolo deliver truck

Volunteers and donations are essential to the success of the organization. How does one sign up to donate time or money?

Donations of funds and time are Yolo Food Bank’s greatest needs. Yolo Food Bank is more than 90% funded by private philanthropy – every donation is meaningful and deeply necessary to nourish the tens of thousands of struggling families and individuals that Yolo Food Bank supports each month. Last year Yolo Food Bank conducted a study at our “Eat Well Yolo” food distributions countywide and discovered that about 60% of the households we serve receive more than half of their weekly groceries from these food distributions. Furthermore, about 1/5 of food recipients say they receive nearly all or all of their weekly groceries from Yolo Food Bank. Thank you for assisting your neighbors in need!

Donations can be made via yolofoodbank.org/give, and to volunteer, visit yolofoodbank.org/volunteer to get started.

September 29, 2021

The Legacy of Randy Paragary

Portrait of Randy Paragary

Randy Paragary, a pioneer in Sacramento’s restaurant and nightlife scenes for over 50 years, passed away on August 13th after a short bout with cancer. His entrepreneurial spirit led and shaped a renaissance of food, drink, and hospitality in the state capital.

The Paragary legacy in Sacramento is incomparable. As a graduate of McClatchy High School and an alumnus of Sacramento State and McGeorge School of Law, Randy’s roots in Sacramento ran deep. His debut into the restaurant scene began in the late 60s. Along with his high school friend and business partner Patrick Power, Randy opened his first venture, the ParaPow Palace Saloon, in 1969. Randy continued to succeed in other restaurant concepts, including Paragary’s, Café Benardo, and Centro Cocina Mexicana.

Successful restaurants were not Randy’s only legacy. He provided support and mentoring to many who began their careers in one of his establishments. Randy left behind a generation of industry leaders he helped mold. This unique group included Patrick Mulvaney of Mulvaney’s B&L, N’Gina Guyton of South, Henry DeVere White of DeVere’s Irish Pub, and others who worked at his places before opening their own.

Fort Sutter Hotel

Before he passed away, Randy took on a new role, that of hotelier. Located in Midtown’s Sutter District, Randy and his wife Stacy recently unveiled their six-story, 105-room Fort Sutter Hotel this past January. The boutique hotel boasts a striking interior and architectural design while creating a space for Sacramento artists to showcase their work.

Midtown Parks

Randy Paragary and Riley Gardner
River City Bank’s Riley Gardner with Randy Paragary
March 29, 2021

Durst Organic Growers: Cultivating Trust by Putting Ag Workers First

Durst Vaccine Clinic

Right in the heart of Farm-to-Fork country, vaccination drives are taking place to take care of its essential workers. Every year, agriculture workers plant and harvest Yolo County’s prized bounties – vegetable, fruit, and nut crops – and are an integral part of what allows agriculture businesses to thrive.

Do you think more businesses, specifically within the ag community, will be inspired to open their own clinics as more vaccines become available?

How many people were vaccinated during the event?

Durst Vaccine Clinic

Are there plans for Durst Organic Growers to host more clinics at a later time?

How important was it for you to ensure that farmworkers got access to the vaccine at their workplace?

December 23, 2020

Yolo Crisis Nursery Receives Funding from 2020 AHEAD Program Grant

Toddler playing with LEGO blocks

The Yolo Crisis Nursery has received a 2020 AHEAD Program grant. The generous $37,500 award is part of the Federal Home Loan Bank of San Francisco’s (FHLBank San Francisco) $1.9 million Covid-19 relief initiative. This year, the FHLBank reviewed 362 applications before selecting 97 AHEAD grant winners. The grants were delivered through participating Bank members, including 20 that submitted winning applications for the first time. River City Bank was proud to sponsor the Yolo Crisis Nursery for this award.

As part of its AHEAD Program, FHLBank San Francisco awarded grants to 52 pandemic relief projects providing food, clothing, rental assistance, homeless services, and other support to the communities they serve. FHLBank awarded an additional $1.6 million in grants to 45 projects to boost economic development activity and promote financial stability in communities throughout Arizona, California, and Nevada.

Since 2001, the Yolo Crisis Nursery has continuously provided early intervention services in a safe environment to nurture healthy and resilient children, strengthen parents, and preserve families. It offers voluntary and free childcare for ages birth through five years old. The Crisis Nursery will use the AHEAD grant to hire additional staff to support the Safe Stays Program and provide supportive services to families in need. The program provides a variety of services, including referrals to community resources that can assist with mental health counseling, domestic violence intervention, medical care, parenting classes, and job training and placement.

As an essential service, the Yolo Crisis Nursery has remained open during California’s stay-at-home orders, and its team has seen more families than ever. The group continues to work tirelessly to help lessen the burdens created by the pandemic by providing safe and temporary care for children and their families.

To learn more about the Yolo Crisis Nursery and its services, visit www.yolocrisisnursery.org.

October 16, 2020

Shingle Springs Band of Miwok Indians

Group photo of Tribal Council
Group photo of Tribal Council

The Shingle Springs Band of Miwok Indians is a federally recognized tribe located in Placerville, California. The Tribe owns and operates the Red Hawk Casino and is one of the largest employers in El Dorado County.  Beyond the casino, the Tribe has also created a very strong community infrastructure, operating its own fire and police departments, Elders Center, Tribal Court, and more. In 1995, the Tribe opened a health center in nearby Shingle Springs.  In 2011, that small center was transformed when the Tribe built the Shingle Springs Health & Wellness Center on the Rancheria.  It provides the local community with the best possible care in all aspects, including family practice, pediatrics, specialty care such as physical therapy, dentistry and orthodontics, pharmacy and mental health.

Please give us a little history of the Shingle Springs Band of Miwok Indians.

How does the Tribe’s history impact it today?

Miwok-Band-of-IndiansR-300x216

How has the pandemic affected the community?

The Tribe has a robust infrastructure. Can you tell us more about that?

What are some of the Tribe’s businesses and community programs?

RedHawkCasino-768x511

What other community programs does the Tribe support?

October 16, 2020

Natomas Oaks Park to be Renamed the Ray and Judy Tretheway Oak Preserve

Ray Tretheway standing next to a newly planted tree
Ray Tretheway standing next to a newly planted tree

Ray, Judy, and their community successfully advocated for the City of Sacramento to acquire this oak grove and adjacent land to be designated as a nature preserve. The oak preserve is nearly all that is left of the magnificent groves that existed here in the 1800s. Centuries ago, this small patch of land was part of thousands of acres of other oaks.  These oaks were here when the first settlers arrived in California. The grove’s historical significance is protected because of the Tretheways’ and the community’s quick action to maintain the picturesque area.

Naming this park after Ray and Judy is particularly significant given their special connection to this heritage oak grove.  Located near Ray and Judy’s home, their daughter was married under its magnificent trees in 2005. Ray visits the park regularly, and Judy leads silent meditation retreats and forest bathing, or shinrin yoku, underneath the trees’ canopy.

This December, Ray will retire as Executive Director at the Sacramento Tree Foundation after nearly four decades of service. Under his stewardship, the Foundation has planted over one million trees, giving Sacramento the well-earned title of the largest hand-planted urban forest in the world.  Ray’s deep love for the area’s trees and his devotion to safeguarding their existence is the cornerstone of the Foundation’s legacy.

As a testament to the Tretheways’ commitment to Sacramento’s urban forest, the community, and the environment, the City will be installing two naming signs and a plaque in honor of Ray and Judy.  Later this year, the Foundation will also announce Ray’s successor and celebrate Ray’s lifetime of public service to the Sacramento Region.

To learn more about the Sacramento Tree Foundation or to make a donation in Ray’s name, visit their website at sactree.com.

October 23, 2019

Client News: Dreyfuss + Blackford honored with design awards

Dreyfuss + Blackford representatives holding a design reward
DB-Receives-Award_1500x700

Dreyfuss + Blackford (D+B) was recently honored at the AIA Central Valley (AIACV) Design Awards with a total of three project awards. The awards were selected by a jury of design architects from the AIA Columbus (Ohio) Chapter. The awards recognize the outstanding achievements in architecture and design of Central Valley individuals and organizations as well as celebrates the distinguished work of architects and related professionals from afar who contribute to the framework of our local built environment.

The AIA Central Valley Design Awards Program recognizes excellence in the categories of architecture, interior architecture, and reconstruction/renovation with opportunities for additional recognition of sustainable design (COTE) and custom residential projects (CRAN).

“The program serves to inform the public of the breadth and value of architectural practice,” says Kristopher Barkley, AIA, D+B’s President and Design Director. “The Chapter’s Design Awards Program also provides us with a unique opportunity to truly ‘see’ architecture and gain a better understanding about why we feel the way we do when experiencing well-designed spaces.”

Following is a list of Dreyfuss + Blackford’s recent awards:

AIA Central Valley, Citation Award | UC Santa Cruz, Upper Quarry Amphitheater Restoration

AIA Central Valley, Merit Award | PG&E, Gas Safety Academy

AIA Central Valley, People’s Choice Award | The University Union Expansion at Sacramento State University

Engineering News-Record (ENR) Best Higher Education/Research Project Award – California | The University Union Expansion at Sacramento State University

Front view of the Sacramento State University Union building
Sacramento State Univ. Union Expansion (Photo credit: Kyle Jeffers)
Front view of the PG&E Gas Safety Academy building
PG&E Gas Safety Academy (Photo Credit: David Wakely)

Dreyfuss + Blackford Architecture is a mid-size firm founded and headquartered in Sacramento, California. Established in 1950, the firm serves corporate, public, and institutional markets with solutions achieved through collaboration and innovation.

To learn more about Dreyfuss + Blackford visit them at dreyfussblackford.com.