Protests over racial injustice in recent weeks spurred Oakland lender TMC Financing to create a $750,000 grant program supporting so-called microbusinesses that are often women and minority owned.
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Bay Area lenders and borrowers in the SBA Paycheck Protection Program shared their insights with me this week into how the second installment of the program is working — and how it is not.
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Bay Area lenders and borrowers in the SBA Paycheck Protection Program shared their insights with me this week into how the second installment of the program is working — and how it is not.
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Bay Area lenders and borrowers in the SBA Paycheck Protection Program shared their insights with me this week into how the second installment of the program is working — and how it is not.
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The Bay Area shelter-in-place orders that came into effect March 17 in a moment upended Morrison and her company, TMC Financing, a nonprofit that helps small businesses get SBA loans to buy their premises. Her borrowers were on the phone all day, most of them calling a halt to lending plans that had been in the works for months.
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With 25 years of banking experience, Jennifer Davis, based in LA county, spearheads TMC Financing’s mission in Southern California. As senior vice president of business development, Davis is responsible for educating business owners, commercial mortgage lenders and commercial real estate brokers about the SBA 504 program and other lending opportunities.
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These companies ranked as the 2018 Best Places to Work in the Bay Area among the smallest companies with between 25 and 49 workers in the region. The ranking is based on scores obtained from a survey of the company’s Bay Area employees, administered by Quantum Workplace.
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San Francisco-based TMC Development saw a 68 percent increase in the volume of lending it helped facilitate through the SBA’s 504 loan program.
TMC said it helped provide Small Business Administration-backed financing of $184.83 million for 220 small businesses to finance real estate purchases in TMC’s fiscal year that ended Sept. 30.
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Barbara Morrison, president of Oakland-based TMC Financing, has worked with thousands of small business owners over the years to help them secure commercial real estate financing backed by the Small Business Administration. Increasingly, she doesn’t like what she sees: More small businesses becoming dependent on convenient but costly merchant cash advances.
So Morrison created TMC Community Capital, an online microlender for medium- and higher-risk businesses that provides an alternative to cash advances from Square (NYSE: SQ), PayPal (NASDAQ: PYPL) and others.
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We rank the Bay Area’s Best Places to Work on scores obtained from a survey of the company’s local employees, administered by Quantum Workplace. The Smallest Companies category includes businesses with 25-49 Bay Area employees.
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