Los Angeles Marketing Firm Maximizes Use of SBA 504 Refinance Program
Founded in 1974 by the father and son team of Carl and Bob Bennitt, the Pace Group is a marketing strategy and execution provider for corporations in Los Angeles. They offer creative design, data management, digital and traditional print, digital marketing, and mailing services. The company was built on a dedication to providing clients with top notch, unbeatable service, which has led the company to strong, long lasting customer relationships.
SBA 504 Refinance Loan to Lower Monthly Costs and Save
TMC Financing was first introduced to the current owner of the Pace Group,Bob Bennitt, in 2012. Bennitt had a steep interest rate on his commercial debt and was looking for relief.
TMC arranged a $3,300,000 refinance project that ended up saving Bennitt about $6,000 a month.
“Our initial refinance with the 504 loan helped us tremendously,” said Bennitt. “We saved thousands each month and we were able to pay off some of our equipment.”
SBA 504 Refinance Loan to Free Up Trapped Equity
Seven years later, Bennitt connected with TMC again to take advantage of the SBA 504 refinance program, but this time it wasn’t to lower his monthly costs; it was to free up trapped equity and get cash out. The print/marketing industry has evolved significantly throughout the years, requiring companies to continuously adapt. In order to succeed in the evolving environment and strengthen The Pace Group’s foothold, Bennitt would like to acquire another firm and wanted the financial wherewithal to do so, if the opportunity presents itself.
Jennifer Davis, TMC Financing’s senior vice president facilitated a $5,900,000 refinancing project that enabled Bennitt to receive $1,200,000 cash out.
“Our industry has changed immensely the past 45 years,” said Bennitt. “Industry revenue is decreasing but so are the organizations that offer the services we do. I returned to TMC for refinancing this time around because I had a lot of capital trapped in real estate. I wanted cash on hand to be able to seize opportunity that may come our way in 2020.
“I want to be in this business. I made a commitment and I plan on making every effort I can to stay strong in the industry.”
Davis is not surprised that Bennitt is so strategic and smart with his business plans. “The Pace Group’s focus is on marketing strategy for other corporations, of course Bennitt has a strategy of his own to ensure the longevity of his company!”
“The process was smooth without any hiccups,” states Bennitt. “The opportunity to refinance with the 504 Program is definitely one to take advantage of.”
About TMC Financing
Founded in 1981, TMC Financing is the nation’s No. 1 provider of SBA 504 financing, which allows small-business owners to finance or refinance commercial real estate and other fixed assets with long-term, below-market, fixed interest rates. 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.
TMC Financing has secured financing for projects worth more than $12 billion across California and Nevada. More than 5,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs.