TMC Financing becomes top SBA 504 lender in Nevada
Firm provided more than $20 million in real estate loans to Nevada small businesses in FY 2014
LAS VEGAS — TMC Financing today announced that it provided more than $20 million in SBA 504 financing in fiscal year 2014 to become the leading Small Business Administration certified development company in Nevada, based on dollar value of loans. From Oct. 1, 2013 to Sept. 30, 2014, TMC provided SBA-guaranteed financing to 25 Nevada businesses to purchase commercial real estate and equipment, helping create and retain more than 2,100 jobs in Clark County alone.
“Las Vegas is my home, so I’m proud we’ve been able to help local small businesses move to the next level with owning their own buildings here,” said Ann Santiago, senior vice president of business development at TMC Financing. “An advantage of the SBA 504 loan is the lower down payment that allows business owners to retain their cash to help grow their business. This year we helped restaurants, auto service and gas stations, medical offices and a host of other small businesses take that step.”
TMC works with first mortgage lenders, real estate brokers and business owners to tailor financing packages that meet both the business’ needs and SBA standards. Local project highlights include funding for Las Vegas entrepreneur Brad Burdsall’s sixth southern Nevada Egg Works restaurant, located in the Summerlin neighborhood, along with his commercial kitchen and commissary in North Las Vegas, and financing a $5 million showroom and warehouse for Las Vegas events studio Fresh Wata.
“Last year, we partnered with 10 different banks,” Santiago said. “Our average loan size increased more than 30 percent to nearly $850,000, making 2014 another strong year for TMC in and around Las Vegas.”
Nevada market share for TMC Financing grew by nearly 11 percent to just more than 46 percent of total SBA 504 loans by dollar amount funded for fiscal year 2014. The SBA reported 76 SBA 504 loans in Nevada, totaling more than $43.4 million.
About SBA 504 Loans
SBA 504 financing offers businesses below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. The program was created to help encourage economic development by providing long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create jobs. The typical SBA 504 loan provides up to 90 percent financing. Business owners can find out if they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website.
About TMC Financing
TMC Financing has been ranked among the top CDCs nationwide for more than a decade. Currently, TMC Financing is ranked as the No. 1 CDC in Northern California and Nevada, and is the No. 2 CDC nationally. The November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit tmcfinancing.com.