SOURCE: TMC Development

September 23, 2009 12:30 ET

TMC Development Finances $855,000 Building Purchase for Oakland Manufacturer Using SBA Financing

Design and Manufacturing Furniture Firm, Blank and Cables, Inc. Receives Funds Under SBA 504 Real Estate Program

SAN FRANCISCO, CA--(Marketwire - September 23, 2009) - TMC Development, a leading Certified Development Company providing SBA loans in California and Nevada, today announced the closing of an $855,000 sale for Blanks and Cable, Inc., an East Bay-based design and manufacturing firm that specializes in architecturally significant and unique furniture fabrication. Owner Walter Craven obtained a Small Business Administration (SBA) 504 loan from TMC Development to purchase and make improvements to the 14,875 square-foot building located at 3100 East 10th Street, Oakland, CA 94601. Gary Fracchia of NAI BT Commercial represented the buyer for the real estate purchase.

"Blank and Cables needed more space to expand their business, and now is the perfect time to purchase a property for this purpose," said Barbara Morrison, CEO of TMC Development. "Healthy businesses who want to move from renting to owning or expand into a larger space can take advantage of the current historically low SBA interest rates, the high inventory of properties, and financing available for projects up to $20 million. Blank and Cables will now be able to enjoy the increased space and long-term stability buying their building provides."

The 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.

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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