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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Free business mentoring for eligible TMC borrowers

According to the SBA, only 30 percent of companies make it to the 10-year mark–but for small business owners with a mentor, 70 percent survive: more than double the rate without mentoring. BusinessAdvising.org can match qualified TMC borrowers with a pro bono adviser.

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SBA 504 Debt Refinance

Small business owners can refinance conventional commercial real estate loans with the attractive rates and terms available through TMC’s SBA 504 loan program.

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SBA 504 refinance expected soon

Soon small business owners will be able to refinance conventional commercial real estate loans with the attractive rates and terms available through TMC’s SBA 504 loan program.

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