Local Businesses are Encouraged to Apply by June 30th to Qualify for Grant Funding
STOCKTON, CA – To mitigate the impact of COVID-19 on local businesses and their employees, the County of San Joaquin partnered with TMC Financing to offer the Small Business Assistance Grant Program. This program offers immediate financial assistance to small businesses located in the boundaries of San Joaquin County to address unfunded expenses caused by the pandemic.
Funding for this project was approved by the San Joaquin County Board of Supervisors on May 12, 2020, with the establishment of the Corona Virus Aid, Relief, and Economic Securities Act (CARES ACT). Totaling $15 million, this Economic Development Fund is to be shared between the County’s five Supervisorial Districts to provide relief to small businesses affected by COVID-19.
TMC Financing, a commercial real estate lender, will independently evaluate and process all grant applications. TMC Financing will leverage their 40 years of lending experience to help verify application completeness and ensure compliance with the terms and conditions of San Joaquin County.
“This crisis has devastated so many small businesses – it’s heartbreaking. However, I am thankful that TMC can help San Joaquin County with this incredible initiative,” says TMC Financing CEO, Barbara Morrison. “We can offer a timely and transparent approval process to expedite the disbursement of funds – which our local businesses so desperately need.”
San Joaquin County Small businesses and non-profits (including health care providers), are eligible to submit the grant application if they meet the following criteria:
- Has at least one employee (not counting the business owner), but not more than 50 full-time employees.
- The requirement of at least one employee, not counting the business owner, does not apply to independent health-care providers and health-care clinicians.
- Has unfunded payroll, rent/lease, or personal protective equipment expenses due to business interruptions caused by COVID-19from March 1 until the date of the grant application. For Round 1 of this grant program, grant requests must be received prior to June 30, 2020 and will be evaluated on a first- come, first-served basis.
- Operates out of a physical commercial storefront within the County limits of San Joaquin.
- A commercial storefront is not required for independent health-care providers and health-care clinicians must have a primary residence in the County.
- Has an active business license and has been in operation in the County for one year as of March 1, 2020.
- Follows the most recent guidance provided by the United States Department of the Treasury on eligibility.
How to Apply
The necessary application documents are available on the Small Business Assistance Grant program website.
Round 1 of the grant program will end on June 30, 2020. Submit applications ASAP!
More About TMC Financing
TMC Financing is the No. 1 Certified Development Company nationwide. For nearly 40 years, TMC has provided $10 billion in SBA 504 financing for more than 6,000 businesses throughout California and Nevada. For more information on SBA 504 loans and the local businesses they support, visit www.tmcfinancing.com.