TMC Financing, a Small Business Administration (SBA) Certified Development Company is pleased to announce it has earned the number one lender position for SBA 504 loan approvals among all SBA 504 lenders in California and Nevada.
TMC Financing approved financing for 232 small businesses totaling $271,004,000 in SBA dollars for the 2018 fiscal year that ended September 30th. The financing provided to these 232 small businesses are projected to help create or retain 2,306 jobs.
Fifty-six of the TMC administered loans were to minority-owned businesses and 28 were to women-owned businesses.
TMC Financing accounted for over 20% of the total SBA dollars loaned in California and Nevada, in which 21 Certified Development Companies operate. TMC also finished the fiscal year ranked number two nationally among all Certified Development Companies for number of loans completed in addition to total amount of funding.
“Our continued success is the direct result of over 35 years of experience and our dedicated, knowledgeable staff committed to our small business clients and lending partners,” explains Barbara Morrison, CEO of TMC Financing.
TMC partners with banks, credit unions and other approved lenders to provide SBA 504 financing. This financing allows businesses to purchase real estate and other fixed assets, such as machinery and equipment, with as little as 10 percent down at a below-market, fixed interest rate fully amortized over 25 years.
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, green efficiencies, soft costs and closing costs.
“We’re proud to be a top provider of SBA 504 financing,” Morrison said. “This funding is a key component of keeping local businesses growing and our communities strong.”