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NEWBERG, Ore. — “This is my dream business in my ideal location, and it wouldn’t have been possible without the SBA 504 loan and TMC’s help,” said Nicole Wolfer, co-owner of The Old Schoolhouse event estate in Newberg, Oregon.
Along with her husband, James, and her parents, Randy and Beth Bailey, Wolfer is optimizing the property’s beauty, history, and versatility to host weddings and other events in the Willamette Valley.
Here’s how TMC Financing, in partnership with KeyBank, helped Wolfer secure SBA 504 financing to create the business of her dreams.
Realizing a long-held dream
Before launching her own event venue, Wolfer spent more than a decade in the industry, organizing weddings, nonprofit fundraisers, corporate conferences, and more.
“While I had a lot of great experiences, there were many times when the venues we rented fell short in terms of services or quality. I imagined what I’d do differently and what my ideal venue would be — and I realized that I wanted my own business and property,” she said.
She found everything she hoped for and more in The Old Schoolhouse. The property includes a 1928 schoolhouse with capacity for 130 guests for a seated dinner reception, as well as an orchard and gardens for ceremonies, cocktails, post-dinner gatherings, and more — all surrounded by vineyards and mountain views.
The buildings were fully renovated in 2014, so the turnkey property only needed Wolfer’s personal touch to be event-ready.
Securing the perfect property takes the right financing
Finding the right property was the first challenge. The next was securing the right financing.
“As I researched loans and talked to banks, I realized that a commercial mortgage from a bank was going to be out of reach,” Wolfer said, citing the typically high down payment — often 30% to 40% — and shorter repayment terms, usually 10 years.
By comparison, SBA 504 loans require just 10% down for most projects (or up to 15% for certain single-use properties or new businesses) and offer repayment terms of up to 25 years.
“I’d read about SBA programs and reached out to some banks. Jennifer Fern-Peterson from KeyBank was great. She explained the program and how SBA 504 loans are made in partnership with a CDC, and she recommended TMC Financing as the CDC partner.”
Certified development companies (CDCs) are nonprofit organizations that work with lenders to provide SBA 504 loans to small businesses.
The SBA 504 loan and TMC make dreams a reality
TMC Business Development Officer Anna O’Brien worked with Wolfer and her team to secure the loan. Startups, like The Old Schoolhouse, can face added difficulty in financing, but TMC made it possible with just a 15% down payment on the $1.4 million property.
“The loan process itself is demanding — there’s a lot of paperwork, and with multiple owners, it was a lot to coordinate — but really, that’s just logistics,” Wolfer said.
With years of event planning experience, she had the organizational skills to manage the process.
When challenges arose, she said, “TMC was great. When something came up, Anna and our TMC team dealt with the issues. We always knew that TMC was in our corner, and they worked really well with the bank on our behalf. Overall, it was a great experience.”
“It’s hard for new businesses to secure bank financing, particularly when it involves real estate purchases,” O’Brien said. “But when small business owners work with TMC, they gain an experienced partner who can leverage the SBA 504 program and our relationships with banks like KeyBank to bring these deals to fruition — and that’s when business dreams come true. It was a pleasure to have the opportunity to do this for Nicole and The Old Schoolhouse team.”
Wolfer and her partners closed on the property Jan. 28, 2025, and hosted their first event just a few days later.
“Now, our goal is to be fully booked, with a primary focus on weddings,” she said.
TMC Financing and the SBA 504 program: Don’t wait to launch your dream
“If I could do one thing differently,” Wolfer said, “it would be to contact TMC from the start. That’s why I’m telling everyone who owns a business to get in touch with them. They want you to succeed — and you may get a ‘yes,’ too!”
If your business is located in TMC’s service area — California, Arizona, Nevada, Hawaii, and Oregon — contact TMC Financing to get started. If you’re outside the service area, use the SBA’s Lender Match tool to find a certified development company near you.
About TMC Financing
Founded in 1981, TMC Financing is a leading provider of SBA 504 commercial real estate loans nationwide, funding projects worth more than $14 billion across Arizona, California, Nevada, Hawaii and Oregon. More than 7,000 businesses have benefited from TMC loans, helping create an estimated 60,000 jobs. Contact TMC Financing to learn more
