Lending a Hand
As posted on: San Francisco Business Times
The SBA Paycheck Protection Program was an emotional roller coaster for small business owners — and for their lenders.
That was certainly the case for Barbara Morrison, president of TMC Financing. With her team of 53 employees, the nonprofit corporation processed more than 1,000 PPP loans totaling $100 million. To put that in perspective, the firm — which has specialized in SBA lending for almost 40 years — typically handles 275 loans a year totaling $300 million. Many borrowers, including those who had gotten no traction pursuing a PPP loan via their bank, said her efforts had given them their only chance to survive.
“I want you to know, and I’m not embarrassed to tell you, that yesterday’s approval email had me sobbing,” one San Francisco small-business client told her in an email. “I’ve followed all the rules, paid all taxes, reported every dime of income, survived a couple recessions, and have been honest with my employees and customers.
“To be told I can’t work and was supposed to sit and watch my business die has been emotional and super frustrating,” the small business owner said.