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Dear TMC Community,
October marked the end of Fiscal Year 2020 and, I must say, it was a year unlike any other! With so many small businesses in desperate need of help, our focus at TMC Financing and TMC Community Capital was to do more.
To meet the urgent need of so many small businesses for access to capital, we provided literally millions of dollars through newly created loan and grant programs as well as the SBA 504 program.
PPP Loans
As soon as Congress rolled out the PPP loan program, TMC designated a team of dedicated staff members who worked around the clock for weeks to help as many small businesses as possible. When the program ended, we had funded more than $105 million PPP loans for 1,120 businesses. With an average loan size of $94,000, it is likely that the majority of these loans will become grants.
San Joaquin County Grant Program
The County of San Joaquin utilized some of their CARES Act funding to create a grant program for the small businesses located in the county and asked us to administer the program for them. The program provided a total of $6,088,972 in grant for 644 small businesses.
SBA 504 Loan Program
Many small businesses took advantage of current low interest rates to purchase buildings with TMC Financing’s SBA 504 loan program. In addition to below market long-term interest rates, 504 provides 90% financing to enable small businesses to retain their precious working capital.
For Fiscal Year 2020 ending September 30th, TMC Financing ranked No.1 CDC in the Western Region and No. 2 in the nation. TMC provided more than $305 million in 504 financing for 269 small businesses that will create and estimated 2,143 jobs. This translates into more than $800 million in total project costs.
The Quarter ending Sept 30th was an all-time record-breaking approval Quarter and September was a record-breaking funding month.
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