TMC Financing remains No. 1 SBA 504 lender in the South Bay
Firm provided more than $74 million in real estate loans to local small businesses in FY 2014
SAN JOSE, Calif. — TMC Financing today announced it remains the top Small Business Administration certified development company in the Bay Area, based on dollar value of loans. From Oct. 1, 2013 to Sept. 30, 2014, TMC provided more than $74.7 million in SBA 504 loans to 82 Bay Area small businesses. This SBA-guaranteed financing provided businesses the capital to purchase commercial real estate and large equipment, helping create and retain more than 3,800 jobs.
“Hotels and hospitality and auto services have been actively using SBA 504 financing in the South Bay,” said Bruce Whitaker, senior vice president of business development at TMC Financing. “The SBA 504 program is a good fit for these projects because many conventional lenders shy away from single-use facilities.”
For fiscal year 2014, South Bay project highlights included $7.2 million for the purchase of the 33-room Casa Blanca Inn in Santa Cruz and $6.6 million to help local hoteliers purchase their fourth Comfort Suites franchise location.
“TMC is the only CDC that has a local team based in San Jose,” Whitaker said. “We’re able to meet with our lending partners and business owners in person. Our local knowledge and understanding are what keep TMC the top SBA 504 lender in this market.”
TMC works with first mortgage lenders, real estate brokers and business owners to tailor financing packages that meet both the business’ needs and SBA standards. For fiscal year 2014, TMC partnered with more than 30 different third-party lenders in the Bay Area. The SBA reported 221 SBA 504 loans totaling nearly $192 million in the San Francisco district for fiscal year 2014.
About SBA 504 Loans
SBA 504 financing offers businesses below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. The program was created to help encourage economic development by providing long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create jobs. The typical SBA 504 loan provides up to 90 percent financing. Business owners can find out if they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website.
About TMC Financing
TMC Financing has been ranked among the top CDCs nationwide for more than a decade. Currently, TMC Financing is ranked as the No. 1 CDC in Northern California and Nevada, and is the No. 2 CDC nationally. The November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit tmcfinancing.com.