Local development company helps fund Las Vegas businesses
Our very own, Ann Santiago, SVP Business Development in our Las Vegas office, was featured in the Las Vegas Review-Journal on December 7, 2013. Ann spoke about TMC’s faith in her and her counterpart, Cindy Santilena, CCIM, SVP Business Development. The two have worked hard to push the SBA program into the Las Vegas market.
Ann Santiago, senior vice president of business development for TMC Financing
Last year, TMC assisted in funding 39 Small Business Administration 504 loans with a total value of $19.2 million in Clark County and $28.8 million in Nevada. Overall, there were 82 SBA 504 loans issued in Clark County in 2012 with a total value of $45.1 million, according to TMC, which finances industries including, health care, contractors, financial and legal services, and manufacturing through partnerships with community and national banks.
“We are a little different,” said Ann Santiago, senior vice president and business development officer with TMC in Las Vegas. “We are a not-for-profit that provides SBA loans. We work in partnership with banks to provide 90 percent of the financing to a small business.”
Santiago described a small business as one with a tangible net worth of less than $15 million, and net income that averages out over the past two years to less than $5 million after taxes.
“That’s a pretty big small business,” Santiago said. “Those standards are intended to help create jobs.”
La Bonita Supermarkets is one of those small businesses. The Mexican supermarket recently opened its fifth store in Las Vegas with the assistance of a $4.2 million loan funded by TMC and Meadows Bank.
Santiago said TMC issued $1.7 million loan, Meadows Bank $2.07 million, while La Bonita put down $479,000, to secure the SBA loan.
“That (La Bonita) store created 140 new jobs,” Santiago said. “The 10 percent down helps (businesses) keep their costs low, allowing them to expand and grow.”
To read more about TMC Financing’s feature in the publication, check out the link here: Las Vegas Review-Journal