The Small Business Administration played a vital role in keeping small businesses afloat following the coronavirus outbreak, offering traditional SBA 504 and 7a loans, Paycheck Protection Program loans and Economic Injury Disaster loans.
During the pandemic-fueled downturn, Oakland-based TMC Financing saw the desperation in its small business community and was compelled to get involved. In fiscal year 2020, TMC provided $305 million for nearly 300 small and mid-sized businesses throughout California and Nevada via the SBA 504 program. In addition to helping business obtain financing via the SBA 504 program, TMC funded more than $105 million PPP loans for 1,120 small businesses. With an average loan size of $94,000, it is likely that the majority of these loans will become grants.