When your successful small company is able to take that next step, expanding your assets could be a fantastic way to move ahead. After labor, rent along with other occupancy cost is a little businesses' biggest expense. Owning your own building or any other business facilities can make all the difference in stabilizing your small business finances.
Our friends at TMC Financing might help. You are able to write the next rent check to yourself and start building equity for your retirement buy owning the structure with less than 10 % down with the U.S. Small Business Administration 504 loan program, versus the 25-40 percent deposit required with a conventional commercial mortgage.
Founded almost 30 years ago, TMC has grown to become the biggest provider of SBA 504 real estate loans in Northern California. The SBA 504 loan program allows small businesses to buy, build, or renovate business property at very attractive terms and below-market, long-term, fixed rates of interest.
The program can be used as commercial real estate and other fixed assets, for example equipment or furnishings, there aren't any limits around the total project costs. Tenant improvements, soft costs and closing costs could be included in the financing.
A typical SBA 504 project features a deposit of just 10 percent in the borrower, with the remaining amount split from a first mortgage provided by an industrial lender an additional mortgage supplied by TMC.
The program is an ideal complement to PCV's mission, and is made to help small businesses pay roots within their communities and create good jobs. Most for-profit small businesses qualify, as long as they intend to occupy at least 51 percent from the building.
TMC helps nearly 5,000 business owners fund projects totaling a lot more than $8 billion across California and Nevada, creating or retaining an estimated 48,500 jobs.
