Press: Bay Area’s Favorite Dance School Opens New Oakland Studio With SBA Loan From TMC
Bay Area’s Favorite Dance School Opens New Oakland Studio With SBA Loan From TMC
TMC Finances $378,000 SBA 504 Real Estate Loan For Kids ‘N Dance
TMC, a leading Certified Development Company providing SBA real estate loans in California and Nevada, recently announced the closing of a $378,000 SBA loan for Kids ‘N Dance, an East Bay based children’s dance school. SBA financing was used to purchase a 3,250 square-foot building located at 3840 MacArthur Boulevard in Oakland, allowing owner Kris Mueller to open a second studio with retail space in the heart of Oakland’s Laurel District. The financing was facilitated by TMC and approved under SBA’s woman-owned public policy goal.
“Healthy businesses who want to move from renting to owning or expand into a larger space can take advantage of the current historically low SBA 504 interest rates and the large number of available properties,” explains Ms. Morrison, CEO and owner of TMC. “Additionally, since the 504 program offers up to 90% financing, borrowers are typically only required to make a 10% down payment.”
Kris Mueller’s Kids ‘N Dance was represented by David Henderson of Colliers International for the building purchase. TMC’s Lou Scarpa, a business development officer representing the East Bay, assisted in financing the loan for Kris.
Voted as a Bay Area Parent “Family Favorite Award Winner” 5 times in the last 8 years (including 2010), Kids ‘N Dance offers highly interactive classes that are structured to enhance each child’s own creative expression. Ms. Mueller says of the new Oakland studio she financed with an SBA 504 loan, “The front of the space is a dance retail shop selling leotards, tights, ballet and tap shoes, dance accessories, dance books and toys. The back space is one large studio with a wooden sprung floor and mirrors and a separate dressing room.”
TMC has been providing SBA financing to borrowers for over 28 years. Loan proceeds can be used to purchase, renovate or construct commercial real estate properties, or for the acquisition of equipment. TMC’s 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.