TMC Financing, an SBA 504 commercial real estate lender, and TMC Community Capital, its sister organization, a nonprofit fintech, teamed up with the county of San Joaquin to administer their CARES Act-funded small business assistance grant program, supporting community cornerstones on their path toward economic recovery.
December 1st, 2020, Stockton, Calif. – The County of San Joaquin’s Small Business Assistance Grant Program, in partnership with small business lenders TMC Financing and TMC Community Capital, has awarded over $6.7 million* to over 700 small businesses and non-profits within county limits.
Funded by the federal government’s economic relief package, the Coronavirus Aid, Relief, and Economic Securities Act (CARES ACT), the grant program provided immediate financial assistance to establishments in San Joaquin County. Businesses and non-profits impacted by the pandemic were awarded grants of up to $100,000 by San Joaquin County’s Small Business Assistance Grant to support unfunded payroll, rent and lease, and personal protective equipment expenses.
Contracted by the county to manage and process applications, TMC staff independently evaluated and processed all grant materials, verifying them for completeness and ensuring compliance with all county terms and conditions. Based on TMC’s recommendations, San Joaquin County made the final eligibility determination and issued funds to successful grant applicants.*
Restaurants and other food service establishments were the greatest recipients of the grant program, receiving a combined total of $857,368.99, followed by medical offices, and personal care services. Closely following, hotels and motels, childcare facilities, and retail sectors were greatly assisted by the grant program as well.
“I felt the pain of the small business owners impacted by the pandemic – it was heartbreaking. One minute, entrepreneurs were fine, the next minute their business were closed, no revenue coming in. We knew that this grant partnership could really help those businesses struggling to recover,” said Barbara Morrison, President of TMC Financing.