Tidewater Business Financing Corporation (TBFC): This Norfolk-based company specializes in financing loans under the Small Business Administration’s 504 Loan Program. While there is a bank loan component to this vehicle, it is listed here because of the non-bank funding aspect of this product.
Borrowers using this loan program have the ability to:
- Purchase land or an existing building,
- Build a new facility or renovate an existing one,
- Make site improvements, finance soft costs and professional fees and
- Purchase large machinery or equipment
The loan is structured by a bank or other lender financing 50% of the project cost which entitles them to a first lien position on the assets financed. This loan is a current market rates and fees for their share of the project. Tidewater Business Financing Corporation finances up to 40% of the project cost and takes a second lien position while the small business owner provides a down payment that can be as low as 10%.
TBFC can be reached at (757) 623-2691 or by email at email@example.com.