TMC provides SBA 504 loan for industrial vending machine manufacturer
As published in the REBusinessOnline
TMC Financing today announced the owner of AutoCrib, Inc. financed the purchase of a 58,000-square-foot manufacturing facility and warehouse at 2882 Dow Avenue in Tustin, California, with a 20-year, fixed-rate Small Business Administration 504 loan. The total project cost is $7.75 million.
“This is the second building we’ve purchased using SBA financing,” AutoCrib Founder and CEO Stephen Pixley said. “Owning is really the way to go because you get to depreciate the building in a tax-advantaged way.”
AutoCrib designs, manufactures and writes software for industrial vending machines that allow manufacturing companies to cost-effectively control and track inventory of thousands of indirect inventory items, from tools to parts. The company has provided more than 20,000 automated inventory control systems to manufacturers worldwide.
“We were operating out of three separate buildings, so whatever you needed was always someplace else,” Pixley said. “We’re adding more lines and bought a company, so we needed more space. We’re adding staff so we needed to get everything under one roof for efficiencies.”
“AutoCrib was a pleasure to do business with,” Jennifer Davis, TMC senior vice president, said. “The new location allows them to continue to grow the company and fix their occupancy costs in an environment where rents continue to rise.” Pixley was referred to TMC Financing by his commercial lender, Pacific Premier Bank. “Whenever you go through the government, you expect it to be a bureaucracy and a pain,” Pixley said. “But this went smoothly. Jennifer was knowledgeable and informative. It was a good experience.”