TMC Feature – Credit Union Tech

October 18th, 2011

TMC Feature – Credit Union Tech

As Published in : Credit Union tech-talk

The US Small Business Administration 504 Loan program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery, at below market, fixed interest rates. The 504 program works by distributing the loan among three parties. The business owner is responsible for a minimum of 10%, a conventional lender (typically a financial institution) puts up 50%, and a so-called Certified Development Company (CDC) puts up the remaining 40%. Credit unions across the country are taking part in this highly beneficial program, including Santa Rosa, CA-based Redwood Credit Union. While there are a few hundred such CDCs nationwide, Redwood CU has chosen to partner with one of the nation’s oldest and most respected CDCs: TMC Financing.

Tory Ponsford, Commercial SBA Lender at Redwood Credit Union, has over twelve years of commercial lending experience and two years at the credit union. He explains that “I have worked with a number of CDCs over the years, and TMC is by far the best one that I have the pleasure of working with.” Ponsford is not alone in his opinion – TMC has been the #1 SBA 504 Lender in Northern California for over a decade, plus they are the #1 SBA 504 Lender in both Los Angeles and Las Vegas. The commercial lending team at Redwood CU appreciates TMC’s thoroughness and professionalism. According to Ponsford, “TMC brings us very complete loan packages that are very well documented.” Whether it is an interior designer, restaurant, or attorney for example, TMC has all of the paperwork in order for each business and is completely organized. Ponsford notes that “we can count on TMC to help us carry out consistently smooth transactions due in part to the fact that they always keep the lines of communication wide open.”

Because TMC has over 30 years experience and has provided over $6.4 billion in financing for more than 3,900 businesses throughout California and Nevada, their systems are highly advanced and sophisticated. Ponsford states that “TMC is highly efficient in their operations, and it shows in their loan volume.” Redwood Credit Union’s Lending Department uses TMC’s easy-to-use website to securely download loan documents as needed. Ponsford confirms that TMC’s online presence is “well designed, encrypted and has performed flawlessly for us.”

TMC’s industry leading status made it an easy choice for Redwood CU to work with them, but their staff makes a big difference as well. Ponsford says that, “we have had no issues at all with their support, in fact, TMC’s project managers have been very responsive at all times.” Ponsford’s final word of advice for fellow credit unions: “TMC is great to work with and I highly recommend them to any credit union looking to get into SBA 504 lending.”