San Jose Distribution Company Obtains Industrial Space for $1.7 Million with SBA 504 Loan
As published in The San Jose Mercury News:
San Jose Distribution Company Obtains Industrial Space for $1.7 Million with SBA 504 Loan
R&B Company Receives SBA 504 Funds From TMC Financing
TMC Financing, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that R&B Company has purchased property in San Jose with an SBA 504 loan for $1,700,000. The project showcases a 19,274 square foot industrial space comprised of 2 contiguous sites at 605 Commercial Street and 1160 13th Street, San Jose, California.
“As Northern California small businesses find themselves in a position to expand, many are turning to SBA 504 financing to provide the necessary funds to support growth,” said Barbara Morrison, President and CEO, TMC Financing. “R&B Company used their SBA 504 loan to purchase an industrial space to expand their growing operations. By taking advantage of SBA 504’s below-market interest rates, the project allows R&B Company to retain working capital and add jobs.”
Bruce Whitaker, Senior Vice President – Business Development at TMC Financing, worked with R&B Company to provide financing through the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital which can be used to further grow the business and create new jobs. The April SBA 504 interest rate is 4.15%, fully fixed for 20 years.
“Working with TMC Financing was a great experience,” said R&B Company owner, Reed Mack. “Their expertise and friendly follow-up made the process seamless!”
Founded more than 30 years ago, R&B Company is the oldest distributor of underground utility supplies for water, sewer, storm and fire pipeline products in the Bay Area. Current owner, Reed Mack, purchased the company in 1994 and has over 25 years of experience in the industry. R&B Company specializes in providing underground utilities for a wide range of projects in Northern California. The company has 7 warehouse locations throughout Northern California, each providing top-quality service and quick will-call counters.
About TMC
During the past 30 years, TMC has provided approximately $7.2 billion in SBA 504 financing for more than 4,200 businesses throughout California and Nevada. This financing has resulted in the creation of 30,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC’s experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. For more information, visit http://www.tmcfinancing.com.