TMC Financing is pleased to announce that of the 200 CDCs in the U.S., TMC is ranked the No. 1 SBA 504 lender in the entire nation. In the Fiscal Year ending September 30, 2019, TMC provided $287 million for nearly 300 small and mid-sized businesses in California and Nevada. Since the SBA’s financing represents a maximum of 40 percent of the total, this represented $768 million in total project financing for successful, growing businesses that anticipate adding approximately 2,000 new jobs in the next two years.
“We are extremely proud of this milestone and of helping these businesses achieve their dreams,” said Barbara Morrison, TMC’s president and CEO. “The ability to purchase a building helps a business stabilize overhead expenses and secure their future. The 504 Program’s 90 percent financing enables businesses to retain working capital and the long-term below market, fixed interest rate, makes monthly payments affordable. We are proud to have partnered with the SBA and conventional lenders to help these California and Nevada businesses own their own buildings.”
SBA 504 loans enable the business owner to purchase, renovate, construct or refinance commercial real estate with only a 10 percent down payment, and below-market, fixed-rate financing. SBA 504 loans are structured with a first mortgage from a conventional lender, typically representing 50 percent of the total project, and a second mortgage from a CDC such as TMC Financing, backed by the SBA. Today’s SBA interest rate is a remarkably low 3.48% fixed for 25 years.