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TMC Development, one of the nation’s top SBA lenders, has begun to fund SBA 504 loans for small businesses that take advantage of the 2009 Stimulus Package. The stimulus bill was signed by President Obama in February and included changes to SBA financing programs for all new approved loans.

In order to encourage lending these changes included the drastic reduction in SBA loan fees. The result for SBA 504 loans was the elimination of all out-of-pocket loan fees. When combined with the current historically low rates (May interest rate is 5.29%) the stimulus bill has made it an ideal time for small businesses to purchase a building.

Some of the businesses which have taken advantage of these benefits by recently obtaining SBA 504 financing from TMC include the following:

Pinnacle Manufacturing Corp.
Morgan Hill, CA
Type of Business: Manufacturing – Sheet Metal

Skidmarks, Inc.
San Francisco, CA
Type of Business: Design

Miss Mirage Corp.
Los Angeles, CA
Type of Business: Suppy – Beauty

Piace Fashion, Inc.
Los Angeles, CA
Type of Business:  Contractor – Garment

Cannon Safe, Inc.
Claremont, CA
Type of Business: Security – Home Safes

D III Transport Corporation
Poway, CA
Type of Business: Automotive – Transportation

To learn more about SBA 504 loans or how the stimulus package affects small business financing please contact us at 888.989.8855 or find information online at www.tmcd.com.

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On Tuesday, March 24, 2009 TMC participated in a popular talk show that is broadcasted daily on Sing Tao Chinese radio (1400am). The show is hosted by Ida Choy Yee-Yee and typically features business experts discussing a current subject and answering questions from callers.

The topic of Tuesday’s show was “How has the stimulus package affected U.S. Small Business Administration (SBA) lending programs” and guests included SBA Program Manager Michael Elkin, and TMC Loan Officer Audrey Kan.

Ms. Kan explained the basics of the SBA 504 loan program to listeners and described how the 2009 stimulus package made it even easier for small businesses to obtain SBA 504 financing. Presently, the biggest benefit for potential borrowers from the stimulus package is the temporary elimination of all out-of-pocket fees for SBA 504 loans. This is effective for all new loans approved after 2/17/2009 and will remain in effect through the end of 2009 or until funds are exhausted.

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Dear TMC Community,

It was announced today that the stimulus bill provision regarding the elimination of all out-of-pocket SBA 504 fees will be effective for any loan approved on or after February 17, 2009.

This includes the 1.5% loan processing fee and the .5 bank participation fee. The fee elimination will apply until the $3.6 billion allocation has been exhausted. SBA estimates it will be in effect for loans approved through approximately December 31, 2009.

Take advantage now!

• No out-of-pocket fees for SBA 504

• Current rate is the lowest since June 2003

We are still waiting for clarification on another exciting provision from the stimulus bill – the ability to offer refinancing using the 504 loan program.

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A message from Barbara Morrison, President of TMC Development:

PREVENT SMALL BUSINESS FORECLOSURE CRISIS AND JOB LOSSES

The stimulus bill encourages lending largely by decreasing borrower costs on new SBA loans. However, the needs of small business owners who have existing SBA financing have not been addressed. In the past 25 years over 100,000 entrepreneurs have purchased real estate for their businesses using the SBA 504 loan program. Immediate relief is needed for existing SBA 504 borrowers to prevent a commercial mortgage foreclosure crisis and massive job losses.

It is universally acknowledged that mortgage relief for home owners is a necessity to reduce residential foreclosures. The parallel problems associated with commercial foreclosures have not been considered.

With just minor changes to current SBA regulations or policy, we can help existing borrowers avoid foreclosure. These changes require zero funding and will make a profound difference in preventing commercial foreclosures and the accompanying job and tax revenue losses.

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A message from TMC President Barbara Morrison regarding those provisions in the 2009 stimulus bill signed by President Obama on February 17th, 2009 which affect SBA real estate lending programs:

Dear TMC Community,

We received an update today regarding the implementation of the stimulus bill provisions which affect SBA real estate financing. SBA has been given the authority to determine how these provisions will be employed but has not yet issued any particulars.

The update from NADCO (National Association of (Certified) Development Companies) explains that while SBA has begun discussions there are still no confirmed details to share at this time.

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A message from TMC President Barbara Morrison regarding those provisions in the 2009 stimulus bill signed by President Obama on February 17th, 2009 which affect SBA real estate lending programs:

Dear TMC Community,

By now all of you have heard about the stimulus package signed by President Obama yesterday. While we still do not have all of the details, I would like to explain how this will affect SBA real estate financing.

The good news is this – the package includes items which will have a very positive effect on SBA real estate loans. The provisions outlined below are intended to stimulate lending as well as decrease borrower costs, but clarification is needed before we can knowingly define the effects. TMC is committed to keeping you informed of these changes.

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