TMC Financing’s Support Amidst the Pandemic Offers Relief to Filipino Small Business Owner

Reece De Leon, owner of Botika LTC, a long term care pharmacy, is thrilled to report that his business is thriving despite initial challenges in the wake of the COVID-19 crisis.

In the beginning of 2020, TMC Financing worked with Mr. De Leon to facilitate the purchase of a 5,337 square foot flex property located at 1939 Monterey Highway in San Jose, CA. His business, which specializes in pharmaceutical delivery to residential care facilities, would occupy the entire space.

“Our business was growing,” explains Mr. De Leon. “We needed to buy a building with more space. We chose to utilize the SBA 504 program because the terms were unbeatable. I only had to put 10 percent down. It was the perfect financing option for us.”

The Small Business Administration’s (SBA) 504 Loan Program provides financing to business owners for the purchase or construction of fixed assets, such as commercial real estate. The 504 loan features a 10 percent down payment and a below-market, 25-year fixed rate. By allowing small business owners to retain precious working capital, the 504 program provides businesses and communities growth and long-term stability.

“The SBA 504 loan was ideal for this project,” explained Bruce Whitaker, senior vice president of TMC Financing who administered the SBA 504 loan. “With the low down payment and fixed interest rate, Reece was able to purchase the property while conserving working capital.”

According to Mr. De Leon, he was thrilled to acquire a new building with more space for inventory. However, shortly after the real estate purchase, the shelter-in-place order was issued and Botika’s future was unclear.

“It was a scary time. We had planned to expand our services but because of the pandemic, those plans were put on hold. Our projected revenue was uncertain and I was worried about the future state of my business,” explained Mr. De Leon. “When TMC informed us that we did not have to make six months of payments, I was so relieved.”

The SBA gave existing SBA borrowers six months of debt forgiveness in the 2020 CARES Act.  Under the new 2021 COVID relief bill, qualified borrowers will be able to receive an additional three months of debt forgiveness.

“Not having to make payments on their SBA loan for half a year helped so many of our small business clients survive these difficult times,” stated Whitaker.

“We additionally received a Paycheck Protection Program (PPP) loan from TMC,” continued Mr. De Leon. “Those funds helped us to retain our staff during closure. I am proud to say that we are currently open and thriving.”

As a minority business owner, Mr. De Leon’s journey to property ownership has been laced with challenges. However, the SBA 504 program not only provided Botika with long-term stability, but also proved to be a vital tool against the financial impact of the pandemic.

“I have an important message for other small Filipino business owners out there,” concludes Mr. De Leon,

“Sa aking mga kababayan, ang SBA 504 ang pinakamahusay na programa na pagpipilian sa financing para sa mga nais makatipid ng pera.”

(To my Filipino community, the SBA 504 program is the best financing option for those who want to save money.)

“Maraming salamat sa TMC sa inyong mabilis na serbisyo at propesyonal na pakikitungo sa mga kagaya ko na small-business owner. Ang inyong proseso ay madaling maunawaan, kayo ay mapagkakatiwalaan, at laging handa para magbigay ng gabay at sagot sa mga aking katanungan.”

(Thank you TMC for your quick service and professionalism towards me as a small-business owner. Your process is easy to understand, you are trustworthy and always ready to give advice and answer to my questions.)

More about TMC Financing

TMC Financing is the No. 1 provider of SBA 504 commercial real estate in the Western United States. For 40 years, TMC has provided $10 billion in financing across California and Nevada. More than 6,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs. For more information on SBA 504 loans and the local businesses they support, visit