Las Vegas Casino Gaming Manufacturer Takes Advantage of SBA Refinance Opportunity SBA 504 Financing Will Help Retain 147 Jobs
As Published in” MarketWatch.com
LAS VEGAS, Sep 29, 2011 (BUSINESS WIRE) — TMC, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, announced today that VSR Industries, Inc., a manufacturer of video poker and slot machine locks and bases, has refinanced its existing commercial real estate mortgage with a new below-market, fixed rate SBA 504 loan for $5.2 million. The subject property is a 70,722 square-foot warehouse and industrial office space located at 6190 Mountain Vista Street, Henderson, NV 89014.
“Hailed as the most significant piece of small business legislation in over a decade, the Small Business Jobs and Credit Act of 2010 offers billions more in lending support and expands the definition of ‘small’ business — all in the interest of continuing to drive economic recovery and create jobs,” said Barbara Morrison, founder and CEO of TMC. “One of the most innovative provisions of the bill is the debt refinance provision. For the first time ever, small business owners are now able to use low-interest SBA-backed loans to refinance existing non-SBA commercial mortgages.”
Established in 1969, VSR Industries, Inc. has grown from a small lock smith operation to a full scale manufacturing facility, with over 147 employees in 7 locations in the United States, South Africa and Macau China. With manufacturing space of over 120,000 square feet VSR Industries, Inc. is the leading manufacturer of high security locks, metal and wood bases for the casino industry with customers worldwide. “We are proud of the trust and prestige we have built in the industry,” said Colton Vollmann, vice president and chief operating officer of VSR. “Our business has weathered the economic downturn well and in fact has made three strategic acquisitions since 2008. This refinancing opportunity via the SBA 504 loan program makes it much easier to ensure that we will be a fixture in the gaming industry for the next forty years,” stated Vollmann.
TMC has provided approximately $6 billion in SBA financing for more than 3,700 businesses throughout California and Nevada over the past 29 years. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade and is currently the number one SBA 504 Lender in Northern California, Los Angeles, and Las Vegas.