Eby Iron Designs, a metal contractor in Henderson, Nevada, purchased property at 909 Walnut Drive in Boulder City, NV for $675,000. The 4,000 square-foot industrial space was purchased with an SBA 504 loan from TMC Financing. By utilizing the SBA 504 Program, Michael Eby, owner of Eby Iron Designs, was able to obtain 90 percent financing with a 25-year fixed rate loan.
Recognizing the benefits of owning over leasing, Eby knew that purchasing property for his growing fabrication business was the best route to take.
“Like owning a home, owning my business property is such a fulfilling feeling,” states Eby. “I know my mortgage payments are essentially going right to my savings account for my future.
“I was immediately attracted to the SBA 504 Program due to the 10 percent down financing. It was so much more manageable compared to the alternative route of conventional financing.”
The SBA 504 Loan program provides financing to business owners for the purchase of real estate and fixed assets. The program features a down payment as low as 10 percent and a below-market rate, fixed and fully amortized over 25 years. By enabling owners to keep their capital working to grow the business and create jobs, the 504 program provides long-term stability to both businesses and communities.
Chris Hunter, senior vice president of TMC Financing, administered the SBA 504 loan.
“Helping small businesses invest in themselves is the best part of my job,” states Hunter. “For Mike, the loan process was seamless. Now the company’s occupancy costs are steady each month, and they don’t have to worry about a rent increase. They can continue to produce gates, furniture, and even artwork for the community, while contributing to their future at the same time.”
According to Eby, working with Chris and TMC could not have been any easier. “Chris is the most laid-back financial guy that I’ve ever worked with,” Eby stated. “He is 100 percent the best. He is very knowledgeable and to the point.
“I plan to continue to grow the company, slowly yet firmly,” continues Eby. “I am trying to build a business that will stand the test of time and any other obstacles that I encounter. We are building custom iron work for all walks of life and continue to perfect our craft.”
Since its founding, TMC Financing has provided funding to more than 6,000 projects, with a total value in excess of $10 billion. Business owners in Arizona, California, or Nevada can confirm they meet the qualifications for an SBA 504 loan by visiting the TMC Financing website.