Northwest Career College Expands To Open 5th Campus Building
LAS VEGAS – Northwest Career College, an accredited trade school with more than 1,000 students, opens its fifth campus building this month. The $1.5 million building was purchased with an SBA 504 loan through TMC Financing. The first mortgage lender was JP Morgan Chase Bank.
The new 6,000 square foot building will be Northwest Career College’s Student Success Center, offering career services, student counseling, its business administration program and a new real estate program.
“We have 42,000 square feet of real estate on the campus, and continue to grow,” said Dr. Stephanie Kenny, CFO and Dean of Students for Northwest Career College. “We run out of classroom space quickly, and have been working with our neighbors in the area to acquire new space as they move or retire.”
Northwest Career College was founded in 1997 by Dr. John Kenny as Northwest Massage School. Located in Northwest Las Vegas medical district, the college now has more than 1,000 students currently enrolled in dozens of programs ranging from business and criminal justice to dentistry and health care.
Kenny said one of the school’s philosophies is teaching people in the way they learn now, not 20 years ago. “We learn differently now,” she said. “We learn by seeing, hearing and experiencing things in different ways, so our programs reflect that with a combination of teaching styles to fully prepare our students to work and function in today’s world.”
The college takes its students successes seriously, with a major emphasis on career placement. “We have relationships with hundreds of employers, and hold job fairs every month,” she said. “We also teach our students how to use laptop computers, write their resumes and prepare for interviews. Changing our students lives through meaningful careers is what drives us every day.”
Kenny said when the opportunity to purchase the school’s newest building arose, partnering with the SBA for a third time was a no-brainer. “The SBA is stable, no-nonsense and has locked in rates which gives us projectable expenses,” she said. “They share the forward-looking mentality that we have, which is encouraging growth and diversity.”
What some may see as a daunting process—applying for an SBA loan—was actually quite simple, she said. “If you partner with a good loan expert like TMC Financing, they will help you see it through and that makes us a better company in the long run. There was no question or problem I had that I didn’t get an immediate response on…that makes us both win.”
About SBA 504 real estate loans
The U.S. Small Business Administration 504 loan program allows small-business owners to finance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. SBA 504 loans can be used to finance the total project cost (TPC), which can include the purchase price, construction/renovations, equipment, soft costs and closing costs. A typical 504 loan project requires a down payment of only 10 percent of the TPC from the borrower, with the remaining amount split between a first mortgage provided by a commercial lender and a second mortgage provided by a certified development company (CDC). By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides long-term stability to both businesses and communities.
About TMC Financing
Founded in 1981, TMC Financing is the nation’s No. 1 provider of SBA 504 commercial real estate financing for fiscal year 2019. The company has secured financing for projects worth more than $12 billion across California and Nevada. More than 5,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs. For more information on SBA 504 loans and the local businesses they support, visit www.tmcfinancing.com.