What's in store for California
Once again, Northern California-based Silicon Valley Bank has peered into its crystal ball to prognosticate what's ahead for the US wine industry in 2010-2011. Last year, it predicted quite accurately the gloom and doom that fell upon American wineries, although the predicted mood is a bit brighter this time. Silicon Valley Bank (SVB) is an avid lender to US wineries and grape growers and, as such, spots the financial issues before they hit the press. In its 2009-2010 'State of the Wine Industry' report, SVB's wine division head, Rob McMillan, warned of 'Flat growth from depressed restaurant sales … higher unemployment levels...
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