On May 3, the U.S. Small Business Administration’s (SBA) Nevada district office gathered with resource partners, community partners and small business clients to celebrate the achievements of local entrepreneurs. They also presented the 2018 Nevada SBA Lender Awards, which honor local small business lenders. Among the award recipients was TMC Financing Nevada office, accepted by Senior Vice President of Business Development Chris Hunter.
Chris leads TMC’s stellar Southern Nevada team, and focuses on the Las Vegas market area. He works with with commercial real estate lenders to serve small business owners through the SBA 504 Loan Program. His team has has been the number one SBA 504 lender in Clark County for five out of the past ten years, and has continued to grow in both experience and loan volume to better serve small business owners in the Nevada area.
Why TMC Financing Received A SBA Lender Award
TMC Financing was recognized as one of the top 504 lenders because of their phenomenal growth in number of loans and the dollar volume of loans they were able to place over the past year. TMC is the top Certified Development Company (CDC) in the state of California and they consistently rank as one of the top certified development companies nationwide. They have funded projects worth more than $9 billion across California and Nevada. Nearly 5,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs. TMC is also the No. 1 SBA 504 hotel lender in the United States.
TMC’s dedication to financing businesses using the SBA 504 loan played a large part in their recognition this year. But what is the SBA 504 loan, and why is it so important to the small business owner?
The 504 loan program provides small businesses with the opportunity to finance with a fixed-rate for a long term to acquire major assets that are fixed like equipment or real estate. The 504 loan is administered by a CDC such as TMC Financing, and loans are granted in conjunction with a conventional lender, typically 50% of the total. The CDC then facilitates the SBA loan for up to 40%, or $5 million at a fixed, below-market rate. Small business owners only needs to provide 10%-15% of the project cost as a down payment.
TMC Financing Nevada Success Stories
Here are some examples of how TMC Financing was able to provide small business owners in Nevada an opportunity to grow their businesses with a 504 SBA loan.
Stacy Carrero and Jessica Stokely-Spruell (a mother-daughter duo) were able to create the first Competitive Trampoline and Tumbling gym in Las Vegas, Nevada with the help of TMC and a 504 SBA loan. DESERT GYMCATS, their gymnastics center in Las Vegas, Nevada, found its home in their 18,000+ square foot building, equipped with state of the art gymnastic equipment and staff. The business was created in 2002, but Stacy has been in the gymnastics industry since 1976, drawing more than 1500 students to her old gymnastic studio. The duo wanted to expand with a new building from the ground up and TMC was able to help facilitate the loan as well as help them transition into the building process.
TMC was also able to work with Bank of Nevada to finance a $6.2 million project for the expansion of Viva Las Vegas Themed Weddings. The 504 SBA loan package was used to remodel and expand Viva Las Vegas’ current facility. The new facility now includes an event center, five wedding chapels, a reception area, new changing rooms, offices, flower and photo shops as well as costume & tuxedo rental. Viva Las Vegas performs 6,000 or more weddings a year and they are one of the busiest wedding chapels in the world. Their new facility added on over 11,000 square feet to an already large 17,000+ square feet facility. The Nevada TMC team was able to help the project which is located in the Las Vegas redevelopment area, from beginning to end.
504 loans aren’t just for mom and pop storefronts. A relatively larger business in Nevada was able to benefit from working with TMC financing to utilize a 504 SBA loan, and they happen to be in the geen energy sector. Battery Systems, Inc. financed the construction of a 200,000-square-foot, energy-efficient distribution center in McCarran, Nevada, with a 20-year, fixed-rate SBA 504 loan. The total project cost was over $10 million, but TMC was actually able to help them secure even more financing because of the green energy they utilize. Battery Systems, Inc. has 52 wholesale distribution centers across the United States. They supply automotive, commercial, recreational and specialty batteries and accessories directly to their customers.
TMC Financing’s team of experts act as a link between the public and private sectors, promotes economic development through job creation and business expansion by providing funding for small and medium sized businesses in California and Nevada. And, according to the SBA Lender Awards, they do it very well.
You can find out more about how TMC can help from one of TMC Financing’s 504 loan experts. TMC is an SBA Premier Certified Lender with over 35 years of experience. TMC can help you find the financing that is best for you and guide you through the 504 loan process. Contact TMC Financing today.