Education

SBA 504 gets new name: SBA Grow Loan Program

On November 1, 2016, the U.S. Small Business Administration announced name changes for its two core business loan programs. To better reflect their purposes and improve borrower understanding, the SBA is renaming and re-branding both the 504 and 7(a) loan programs.

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TMC is top SBA 504 lender in Sacramento

For the fourth straight year, TMC Financing is the No. 1 SBA 504 lender in the Sacramento District. According to the SBA, TMC, a certified development company, provided nearly $44 million in SBA 504 financing to 43 Sacramento-area small businesses for the period ending September 30, 2016. TMC is largest CDC in Northern California and finished the fiscal year ranked second nationally among 219 active CDCs.

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SBA 504 fee reduction for fiscal year 2017

For SBA 504 loans authorized on or after October 1, 2016, the U.S. Small Business Administration has reduced overall loan fees by cutting the annual service fee from .914% to .697%, a reduction of 21.7 basis points.

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