Loans Help Owners Survive, Thrive and Expand

In an article by the Los Angeles Business Journal, TMC Financing’s Senior Vice President of Business Development, Jennifer Davis, was featured discussing the state of small business lending and the impact of the Small Business Administration’s (SBA) loan programs in Southern California.

Jennifer Davis shared insights into the lending climate, mentioning a decline in applicants seeking loans for expansion but an increase in those looking to refinance existing SBA debt.

“In the current climate, buyers are increasingly cautious and are quick to rethink the transaction if any issues arise,” Davis said.

Despite challenges posed by the pandemic, TMC Financing administered a significant number of 504 loans in Los Angeles County in 2023, totaling $417 million. This demonstrates the ongoing impact of SBA loan programs on local businesses.

The article also touches on the changes made by the SBA in August 2023, aimed at making it easier for small businesses to access capital through the 7(a) and 504 loan programs. These changes include relaxed eligibility criteria, reduced documentation requirements, and simplified affiliation rules.

In summary, the article showcases the vital role that SBA loan programs, such as the 504 program administered by TMC Financing, play in supporting small businesses’ growth and economic development in Southern California. Jennifer Davis provides valuable insights into the lending landscape and the positive impact of these programs on businesses in the region.