SAN FRANCISCO--(BUSINESS WIRE)--
TMC Financing (www.tmcfinancing.com), a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that Leatherby’s Family Creamery (http://www.leatherbys.net/) has acquired a property in Sacramento with an SBA 504 loan for $2,700,000. The project includes a 36,800 square foot building located at 2333 Arden Way, Sacramento, California.
“Through the SBA 504 program, many business owners have realized the benefits of owning verses leasing,” said Barbara Morrison (www.linkedin.com/pub/barbara-morrison/1/913/20a), President and CEO, TMC Financing. “Leatherby’s Family Creamery worked with TMC to purchase one of their existing locations. Leatherby’s now owns the property at which their business has flourished for many years, enabling them to retain working capital and expand the business to future locations.”
Jim Azevedo (www.linkedin.com/pub/jim-azevedo/17/b69/245), Senior Vice President – Business Development at TMC Financing, worked with Leatherby’s Family Creamery to provide financing through the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital which can be used to further grow the business and create new jobs. The February SBA 504 interest rate is 4.12%, fully fixed for 20 years.
“The loan process with our bank and CDC made the move effortless for us,” said Alan Leatherby, co-owner of Leatherby’s Family Creamery. “The process has allowed us to finally own our own building that we have been leasing for the last thirty-two years!”
Leatherby’s Family Creamery was first opened in 1982 by Dave and Sally Leatherby. Since the company’s inception, the business has grown and opened three locations with nearly 300 employees, many of which are family members. All products sold at the locations are manufactured and made fresh at each site daily. Through their support of many local organizations, charities, schools, and teams, Leatherby’s is a big contributor to the overall well-being of the community.
About TMC
During the past 30 years, TMC has provided approximately $7.2 billion in SBA 504 financing for more than 4,200 businesses throughout California and Nevada. This financing has resulted in the creation of 30,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC's experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower's credit capacity. For more information, visit http://www.tmcfinancing.com.