Los Angeles Bistro To Open With Help From SBA Funds

August 8th, 2012

Los Angeles Bistro To Open With Help From SBA Funds

As Published In: Market Watch

LA Restaurant Group Purchases Restaurant Facility with SBA Small Business Loan from TMC Financing

TMC Financing (TMC Financing), a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that Lime Restaurant Holdings, LLC has purchased a $2,875,000 building located at 832-840 South Spring Street, Los Angeles, California. Lime will use the 5,356 square foot space to open a new bistro under the name of The Parish. The Parish is an extension of two existing Los Angeles-based restaurants under the same ownership, Wabi Sabi and The Tasting Kitchen.

“Opening a new business is thrilling and challenging at the same time,” said Barbara Morrison, President and CEO of TMC. “As a certified provider of the SBA 504 loan program, TMC offers access to the most attractive financing currently available for small business owners, both new and experienced. One of the many benefits is being able to buy a building with minimal cash expenditure enabling the business to retain much-needed capital for growth and development.”

TMC worked with Lime to provide financing via the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses up to 90% below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. The August SBA 504 interest rate is 4.28%, fixed for 20 years.

The kitchen at The Parish will be under the leadership of chef Casey Lane. Lane has established himself as a sophisticated chef with a large following with his work at The Tasting Kitchen and by being a semifinalist in this year’s James Beard Awards in the Rising Star Chef category. Lane will explore a gastropub concept with The Parish which is set to open late this summer.

About TMC

During the past 30 years, TMC has provided approximately $6.4 billion in financing for more than 3,900 businesses throughout California and Nevada. This financing has resulted in the creation of 27,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC’s experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. For more information, visit TMC Financing and find TMC on Twitter (@TMCFinance) and Facebook.