TMC CC Announces New Accelerated Microloan Program
January 2, 2022, Oakland, Calif. - TMC Community Capital (TMC CC) is thrilled to announce the rollout of our new pilot microloan program, Microloan Lite, focused on increasing the accessibility and efficiency of small loans between five and ten thousand dollars. As a newly certified Community Development Financial Institution (CDFI), our mission remains to serve historically excluded and underserved businesses, and to constantly be revisiting our lending methodology in order to better serve this mission and our impacted communities.
While we have always been a microlender aimed at uplifting women, minority, and low-income entrepreneurs, this pilot program specifically targets the structural elements of lending that have historically most negatively impacted these target communities. Microloan Lite not only serves these groups but begins to chip away at the structural barriers to their financial success, and allows us as a lender to better address issues of inequity. While historically, lending models rely on credit, this new program will focus on cash and character, requiring fewer documents and traditional requirements, allowing us to reach a broader clientele more efficiently and inclusively with an emphasis on building and sustaining relationships. While many small business owners have the cashflow and know-how to undertake small loans yet still cannot qualify through traditional channels, this program will give them a chance to prove it and qualify for more. “We are finding other ways to say yes,” explains our Loan Officer, Vasana Ly. Microloan Lite offers a way for small business owners to get their foot in the door and begin to establish themselves as a viable borrower through building relationships and credit that they have historically been excluded from.
We at TMC CC are excited to continue developing and rolling out this program statewide. Click here to view eligibility requirements and apply today!