TMC is top SBA 504 lender in Sacramento
For the fourth straight year, TMC Financing is the No. 1 SBA 504 lender in the Sacramento District.
According to the SBA, TMC, a certified development company, provided nearly $44 million in SBA 504 financing to 43 Sacramento-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.
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.
“We’re proud to be not just the largest CDC, but the largest provider of SBA 504 financing of all lenders in the SBA Sacramento District,” TMC Senior Vice President Jim Azevedo said. “This funding is a key ingredient in keeping local businesses growing and our communities strong. Our financing will help these business owners create or retain and estimated 2,600 jobs this year!”
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.