TMC Financing remains No. 1 SBA 504 lender in the East Bay
Firm provided more than $74 million in real estate loans to local small businesses in FY 2014
SAN FRANCISCO — TMC Financing today announced it remains the top Small Business Administration certified development company in the Bay Area, based on dollar value of loans. From Oct. 1, 2013 to Sept. 30, 2014, TMC provided more than $74.7 million in SBA 504 loans to 82 Bay Area small businesses. This SBA-guaranteed financing provided businesses the capital to purchase commercial real estate and large equipment, helping create and retain more than 3,800 jobs.
“In the East Bay, small businesses are caught between rising rents and a very low inventory of commercial real estate buildings,” said Kurt Chambliss, senior vice president of business development at TMC Financing. “When the right space comes up, business owners have to be ready. The SBA 504 loan is perfect for helping to stabilize a business by allowing them to save their cash for things other than real estate.”
In the East Bay, medical and business services, manufacturing, restaurants and hospitality were some of the most active industries. For fiscal year 2014, East Bay project highlights included $3.8 million to help A-Para Transit purchase a former Hertz car rental facility in San Leandro and helping wholesale-furniture-maker Homelegance, Inc. create 45 jobs with the purchase of a 255,000-square-foot warehouse in Fremont.
“With the Port of Oakland and the 580 Corridor right here, the East Bay is a great location for distributors, warehouses and light manufacturing,” Chambliss said. “These properties don’t come up every day, and we’re proud to help small businesses compete when they do.”
TMC works with first mortgage lenders, real estate brokers and business owners to tailor financing packages that meet both the business’ needs and SBA standards. For fiscal year 2014, TMC partnered with more than 30 different third-party lenders in the Bay Area. The SBA reported 221 SBA 504 loans totaling nearly $192 million in the San Francisco district for fiscal year 2014.
About SBA 504 Loans SBA 504 financing offers businesses below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. The program was created to help encourage economic development by providing long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create jobs. The typical SBA 504 loan provides up to 90 percent financing. Business owners can find out if they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website.
About TMC Financing TMC Financing has been ranked among the top CDCs nationwide for more than a decade. Currently, TMC Financing is ranked as the No. 1 CDC in Northern California and Nevada, and is the No. 2 CDC nationally. The November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit tmcfinancing.com.