TMC Financing’s New COO Helps Fund Over 1,000 PPP Loans
Gregg Mitchell recently joined TMC Financing as Chief Operating Officer to lead its talented team to continued delivery of market-leading SBA 504 loan performance and manage its fast-growing loan portfolio. During his first week with TMC, Mitchell had to quickly pivot from his familiar managerial duties to undertake the administration of the novel Paycheck Protection Program (PPP).
The Paycheck Protection Program was rolled out under the federal government’s CARES ACT on March 27th. What makes this program unique is PPP LOANS become GRANTS if the proceeds are used to fund payroll, employee health benefits, rent and utilities. Since funding for PPP loans was limited, small businesses owners raced to participating lenders to apply.
“It was harrowing at first. Not only was I brand new to the TMC team, but so was this loan program,” Mitchell explains. “Our small business clients were in desperate need of guidance as well as funding. The entire TMC team could feel their sense of urgency. We had to learn the rules quickly, educate our small business clients, and solidify approvals in a matter of days – it was no small task.”
In just over one month, Mitchell led a dedicated team that funded 1,026 PPP loans, totaling $100,914,690.
“We are so grateful that Gregg joined TMC at such a crucial time. He accepted the challenge and stepped up to the plate,” said CEO of TMC Financing, Barbara Morrison. “Gregg and his team went above and beyond to help our borrowers. To say that they were working around the clock is not an exaggeration.”
More About Gregg Mitchell
Prior to joining TMC Financing, Mitchell managed the West Coast underwriting team for Wells Fargo’s Small Business Administration (SBA) lending program and assisted in the development of the bank’s construction, SBA Express and Community loan underwriting processes. During his 35-year tenure, 27 of which in SBA Lending, Wells Fargo became the largest SBA lender and maintained that position for years.
Mitchell brings a wealth of knowledge and a proven track record of success in specialized areas, including SBA credit quality audits, credit underwriting, policy and procedure.
Contact TMC Financing
TMC Financing is the No. 1 CDC 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.