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Follow on Google News | TMC Financing increases SBA 504 market share in Southern CaliforniaFirm provided more than $62 million in real estate loans to local small businesses in FY 2014
By: TMC Financing “This is a large, diverse region, with areas that are among the fastest growing in the state,” said Jennifer Davis, who covers Southern California from a base in Orange County as senior vice president of business development for TMC Financing. “It’s great to see local businesses gaining the strength and confidence to expand. The SBA 504 loan is a smart way to control occupancy costs and cash flow so they can put more back into the business.” In Southern California, the most active industries for SBA 504 loans in fiscal year 2014 were manufacturing, wholesalers, retail and hotels and hospitality. TMC Financing project highlights included helping children’s school lunch caterer Choicelunch purchase their second California commercial kitchen facility in Anaheim, which is expected to create 60 jobs. TMC Financing also helped new owners purchase and renovate the Holiday Inn Express Temecula with $3.65 million in SBA 504 funding. “Because SBA 504 loans allow lower down payments, small-business owners can keep their capital working to grow the business and create jobs,” said Ron Coomes, who covers Southern California from a base in Los Angeles as senior vice president of business development for TMC Financing. “That’s important in L.A., where we’re stilling trying to regain lost jobs. Every business that expands adds to the momentum of this recovery.” 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 nearly 1 percent despite a 30 percent decline in the number of total SBA loans in Southern California for fiscal year 2014. The SBA reported 335 SBA 504 loans in the Los Angeles district for fiscal year 2014, totaling more than $318.3 million, and 245 in the Santa Ana district, totaling nearly $235.2 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 November SBA 504 rate is 4.87 percent fully fixed for 20 years. For historical monthly SBA 504 rates, visit http://www.tmcfinancing.com/ End
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