TMC Community Capital Awards nearly $1 million in Small Business Relief across California
Nonprofit Lender Awards Economic Relief to Community-Nominated Small Businesses in Equitable Grant Program
November 15th, 2020, Oakland, Calif. – TMC Community Capital, a new nonprofit microlender focused on lending to women entrepreneurs in California, has awarded $750,0000 to 184 businesses in the Bay Area and Los Angeles that have been negatively impacted by the pandemic.
TMC Community Capital provides affordable access to capital for underserved business owners across California, working to ensure that low-income small business owners have the resources they need to build thriving neighborhoods, good jobs, and prosperous local economies. When the Coronavirus pandemic hit, they pivoted to provide resources for survival services to the most vulnerable small businesses making up the fabric of their communities.
With the support of Signature Bank and TMC Financing, TMC Community Capital launched the Small Business, Big Heart Grant Program to help micro-businesses, most often owned by women and entrepreneurs of color with limited access to capital, navigate the economic fallout of COVID-19. By means of an equitable lottery system and streamlined application system, community-nominated businesses throughout the Bay Area and Los Angeles were awarded grants of up to $10,000.
“Through intentional design and deliberate outreach, 89% of grant recipients were minority-owned small businesses and 59% were businesses owned by women of color. ”
In total, TMC Community Capital awarded $750,000 to 184 businesses that had been significantly impacted by the pandemic. 46% of grant recipients were based in San Francisco, 28% were based in Los Angeles, and 26% in Oakland. Through intentional design and deliberate outreach, 89% of grant recipients were minority-owned small businesses and 59% were businesses owned by women of color.
La Guerrera’s Kitchen, a family-owned Mexican restaurant in Oakland, was one of the businesses assisted by the program. Run by a passionate mother-daughter team, they’ve been selling authentic dishes from their native Guerrero to customers across the Bay since 2002. When the pandemic hit, they lost all catering jobs for the summer, and their sales plummeted. With dwindling revenue and limited customer prospects, they were forced to lay off many of their employees and permanently close their Fruitvale, Oakland location. To adapt, owner Reyna Maldonado has pivoted to focus on pick-up orders while she prepares to finalize the location for their new brick and mortar in Oakland.
La Guerrera’s Kitchen Co-Owners Ofelia Barajas (left) and Reyna Maldonado (Photo: Emily Baressi)
Upon hearing that she was selected for the grant, Maldonado was ecstatic. “This is amazing news!” she said. “We are extremely thankful to be chosen.” The $10,000 grant helped Maldonado pay outstanding bills and payroll for her employees.
Having been hard hit by the economic crisis, the retail, personal care, and restaurant industries were strongly represented by TMC CC’s grant recipients. These small business owners have used grant funds to adapt to fast-moving changes within their industries, showcasing their strength, resilience, and ingenuity. TMC Community Capital is proud to support financial relief efforts during this economic crisis, especially for small businesses at the heart of our communities.
For more information about our grant recipients, click here.