TMC Financing provided more than $32 million in real estate loans to local small businesses in FY 2014
Sacramento, CA, February 18, 2015 (Newswire.com) - TMC Financing today announced continued market share growth in fiscal year 2014 to remain the leading Small Business Administration certified development company in the Sacramento SBA district, based on dollar value of loans. From Oct. 1, 2013 to Sept. 30, 2014, TMC provided more than $32 million in SBA 504 loans to 37 Sacramento-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 1,650 jobs.
“This was our first full year in Sacramento and we provided more total SBA financing dollars than any other lender,” said Jim Azevedo, senior vice president of business development at TMC Financing. “The local economy is gaining momentum and small-business owners are realizing it’s time to look long term. The SBA 504 loan allows them to do that by controlling their occupancy costs while keeping their cash working to grow their business.”
"This was our first full year in Sacramento and we provided more total SBA financing dollars than any other lender," said Jim Azevedo, senior vice president of business development at TMC Financing. "The local economy is gaining momentum and small-business owners are realizing it's time to look long term. The SBA 504 loan allows them to do that by controlling their occupancy costs while keeping their cash working to grow their business."
Jim Azevedo, Senior Vice President of Business Development at TMC Financing
Azevedo named retail, hospitality, auto services and professional services as the most active industries in the region. For fiscal year 2014, Sacramento area project highlights included helping independent, family-owned Green Acres Nursery & Supply expand and become vertically integrated. The first of two loans allowed Green Acres to acquire its wholesale supplier, the 162-acre Matsuda Garden Center, and retain all 150 employees. Green Acres is also expanding with a fourth area location in Elk Grove, slated to be complete in 2015, which is expected to add 75 more jobs.
Sacramento-based Leatherby’s Family Creamery also used SBA financing to purchase the $2.3 million property that housed one of their three restaurant locations, a building the family had been leasing for more than 30 years. This is Leatherby’s second TMC-financed SBA 504 loan in two years.
“These projects exemplify what the SBA 504 program means to small businesses,” Azevedo said. “Local businesses can get the funding they need to expand and create jobs. It’s exactly what’s needed to keep the economy growing.”
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. Market share for TMC Financing grew in the Sacramento SBA district by more than 11 percent to nearly 36 percent of total SBA 504 loans by dollar amount funded for fiscal year 2014. The SBA reported 114 SBA 504 loans in the Sacramento district, totaling more than $89.4 million.
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 http://www.tmcfinancing.com.
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 December SBA 504 rate is 4.77 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit http://www.tmcfinancing.com/rate-chart/.