Utilizing Working Solutions Microloans In Your Bay Area Small Business

Posted on | by Barbara Morrison

As a Certified Development Company (CDC), TMC Financing’s main concern is supporting small businesses by providing SBA 504 loans for fixed asset acquisition. But that hasn’t stopped us from developing other important community initiatives as well. In 1999, TMC founder, Barbara Morrison, co-founded Working Solutions with Emily Gasner. Working Solutions is a nonprofit organization dedicated to providing microentrepreneurs access to capital and resources needed to start or grow a successful business.

Working Solutions is headquartered in San Francisco but they lend throughout the Bay Area. If you are a small business owner in the Bay Area, this is a program worth knowing about.

What Exactly Does Working Solutions Do?

Working Solutions has provided $12 million in loans to almost 500 small businesses in the Bay Area since 2005. Loans range in size from $5,000 to $50,000, with an average size of $24,654. The terms of the loans are up to 5 years and interest rates range from 8-10% with minimal fees.

Working Solutions’ accomplishments are impressive. They have worked with organizations like the Sonoma County Economic Development Board to expand access to microfinancing throughout the region. From child care and artists’ studios to farmers and specialty food producers, Working Solutions has provided funding crucial to the survival of many small businesses.

In addition to providing credit, Working Solutions is dedicated to coaching: This means offering mentoring, support services, and business promotion. Clients can receive expert advice, trainings, and seminars on subjects such as creating business plans, repairing credit, expanding your business, and legal services advice. Participating business owners will also find new networking opportunities, enabling them to meet other entrepreneurs in their communities and opening doors for more resources.

Working Solutions’ Impact

There are times when numbers speak louder than words. Here are some of Working Solution’s main benefits, by the numbers:

  • 13,000 – Entrepreneurs educated through Working Solutions
  • 2,500 – Entrepreneurs provided pre-loan technical support
  • 1,900 – New jobs created
  • 1,000 – Hours of post-loan assistance clients have benefited from
  • 500 – Loans provided
  • 160 – Businesses benefiting from volunteer adviser assistance
  • 55 – Businesses that have received pro bono legal aid
  • Over 50% – Women employees and clients
  • 45% – Minority entrepreneur clients  

How Do I Go About Getting A Working Solutions Microloan?

Requirements for a loan are quite basic: Business owners should have at least a year of paid experience in their chosen industry, should be able to make a modest equity injection on the loan (10-20%) and should meet a few guidelines, such as being current on existing debts.

To find out more about the available opportunities, you can contact Working Solutions directly or contact the small business loan experts at TMC Financing to get more information about microloans in your area.

Barbara Morrison
Barbara Morrison
Barbara Morrison, a local small business advocate and civic leader, founded her first company TMC Financing in 1981. TMC is a Certified Development Company that provides commercial real estate financing to small business owners via the SBA 504 Loan Program. TMC consistently ranks among the top certified development companies nationwide, and has funded projects worth more than $9 billion across California and Nevada. Nearly 5,000 small businesses have benefitted from this financing, resulting in the creation of an estimated 50,000 jobs. TMC is also the No.1 SBA 504 hotel lender in the United States. Barbara is also the founder of Working Solutions, a Bay Area microlender whose mission is to provide micro entrepreneurs, particularly low-income individuals, women and minorities, with the access to capital and resources they need to start a successful business.
Barbara Morrison
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