Southern California Manufacturer Acquires $5.1 Million Industrial Space with SBA Loan
As published in: Yahoo! Finance
Southern California Manufacturer Acquires $5.1 Million Industrial Space With SBA Loan
U.S. Plastic, Inc. Receives SBA 504 Funds Through TMC Financing
TMC Financing (www.tmcfinancing.com), a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that U.S. Plastic, Inc. has purchased a Riverside location with an SBA 504 loan for $5,100,000. The project includes a 79,190 square foot industrial facility at 1561 Eastridge Avenue, Riverside, California.
“The availability of SBA financing has played a significant role in supporting the return of manufacturing to the U.S.,” said Barbara Morrison, President and CEO, TMC Financing. “TMC has seen an increase in the number of manufacturers, like U.S. Plastic, that are setting up operations in California and taking advantage of the low interest rates and other benefits 504 loans offer.”
TMC worked with U.S. Plastic, Inc. 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. Manufacturing businesses are eligible for increased loan amounts in the 504 program. The January SBA 504 interest rate is 4.04%, fully fixed for 20 years.
US Plastic, Inc. (USPI) is a California-based manufacturer of PET (polyethylene terephthalate) plastic containers for food and beverages. The company was founded in 2003 and provides full-service packaging solutions, from product design and engineering, to ongoing support for a wide range of customers and markets.
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 www.tmcfinancing.com or http://www.sba.gov.