SOURCE: TMC Development

September 17, 2009 13:30 ET

TMC Development Closes $1.1 Million Real Estate Purchase for Mansa, LLC Using SBA 504 Real Estate Financing

Napa Convenience Store, Kwikee Mart, Receives Funds Under SBA Loan Program

SAN FRANCISCO, CA--(Marketwire - September 17, 2009) - TMC Development, a leading Certified Development Company providing SBA loans in California and Nevada, today announced the closing of a $1.1 million real estate purchase for Mansa, LLC dba Kwikee Mart, a Napa-based convenience store. Owner Satindar Dhillon obtained a Small Business Administration (SBA) 504 loan from TMC Development to purchase the acquisition of a 3,464 square foot building located at 2962 and 2984 Jefferson Street, Napa, CA 94558.

SBA created the 504 loan program in 1980 to provide financing for successful, growing, small and medium-sized businesses. Loan proceeds can be used to purchase, renovate or construct commercial real estate properties, or for the acquisition of equipment that has a life expectancy of 10 years or more.

"Kwikee Mart has become an asset in the Napa community," said Barbara Morrison, CEO of TMC Development. "The owner was able to take advantage of the current historically low SBA rates under the 504 program to purchase the building he was leasing. The change from being a renter to an owner will allow him to stabilize occupancy costs, receive tax benefits, and build equity for his business."

As a Certified Development Company, TMC Development has been providing SBA financing to borrowers for over 25 years. TMC's 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.

About TMC Development Corporation

TMC Development has been ranked in the top 10 Certified Development Companies in the nation for over a decade. During the past 27 years TMC has provided over $5 billion in financing for more than 3,200 businesses throughout California and Nevada. For more information go to http://www.tmcd.com.

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