Once again, TMC is the No. 1 CDC in the San Francisco District, all of Northern California and the second-largest CDC in the nation.
According to the SBA, TMC, a certified development company, provided more than $97.6 million in SBA 504 financing to 101 Bay-Area small businesses for the period ending September 30, 2016. TMC is largest CDC in Northern California and finished the fiscal year ranked second nationally among 219 active CDCs. Across all of California and Nevada, TMC provided nearly $257 million to more than 235 businesses, helping to create or retain an estimated 12,300 jobs.
“Because we help businesses grow, TMC’s SBA 504 program is a very successful economic development and job creation program,” TMC Founder and President Barbara Morrison said. “The businesses we funded this past fiscal year will create or retain an estimated 3,700 jobs in the Bay Area alone.”
TMC partners with banks, credit unions and other approved lenders to provide SBA 504 financing, which allows businesses to purchase real estate and other fixed assets, such as machinery and equipment, with as little as 10 percent down at below-market, long-term, fixed interest rates.
Typically, TMC’s commercial lending partner provides financing for 50 percent of the loan in the first mortgage position, TMC provides a second mortgage of 40 percent and the business owner provides a down payment of 10 percent. SBA 504 loans can be used to finance the total project cost, which can include the purchase price, construction/renovations, equipment, soft costs and closing costs.
Click here for current SBA 504 rates.