TMC Financing’s sister company, TMC Community Capital, has created a loan program for some of the smallest of small businesses hit by the restrictions put in place to fight Covid. The U.S. Small Business Administration is not involved in the recovery loans offered by TMC Community Capital.
The loan program is designed for California businesses with less than $1.5 million in annual revenue that have been in operation for at least a year. The recovery loans will include a six- to 12-month period before payments begin to provide time for the small business to ramp up operations.
Barbara Morrison said the program is looking to have at least 60% of loan recipients be small businesses owned by women of color.
TMC Community Capital has commitments from two local financial institutions for $750,000 as part of TMC’s fundraising effort to raise $5 million for the loan program, Morrison said. Local lenders have also provided TMC $75,000 to cover programming costs for the loan program, said Hanna Leen, program manager for TMC Community Capital.