TMC Community Capital Wins CDFI Certification Expanding Opportunities for Underbanked Businesses Across California

OAKLAND, Calif., Aug. 5, 2021 /PRNewswire-PRWeb/ -- As of July 19, 2021, TMC Community Capital (TMC CC) has been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury.

Certified CDFIs provide financial services to low-income communities and individuals who are typically excluded from mainstream institutions. TMC CC is a nonprofit online microlender that serves small businesses across California, focusing on women-owned, low-income, and under-resourced businesses. It is now one of few CDFI-certified microlenders in the state that also operates statewide.

"This is a huge milestone for us," said Barbara Morrison, President of TMC CC. Morrison founded the organization in 2019 to connect small businesses anywhere in the state to affordable loans, as a safe alternative to predatory online lenders. "Now that we're certified, we'll have more opportunities to secure capital for our borrowers. It will also increase our credibility, helping more business owners reach us in this time of economic recovery."

TMC CC currently offers loans ranging from $5,000 to $50,000 for a 2 to 5-year term, at competitively low interest rates ranging from 4 to 9%. With its new CDFI certification, TMC CC is looking to strengthen its relationships with technical assistance providers to inform small business owners about its affordable and accessible loan products.

"Oftentimes nonprofit coaching and training providers struggle to find affordable, well-structured capital for their business owner clients. We want to offer support and transparency to our referral partners so all of us win. We are here to partner with the Small Business Development Centers, Women's Business Centers, and community banks," said Hanna Leen, TMC CC's Program Director.

About TMC Community Capital:
TMC Community Capital (TMC CC) is a nonprofit online microlender that provides fast and affordable financing, fosters financial stability, and encourages entrepreneurship among women-owned, low-income and under-resourced small businesses in California. TMC CC is the sister company of TMC Financing, one of the top lenders of SBA 504 commercial real estate loans nationwide.

The TMC CC team invites prospective borrowers to learn more about their programs by visiting http://www.tmccommunitycapital.org/loans, and prospective referral partners to reach us at http://www.tmccommunitycapital.org/our-partners.

Media Contact

Asia Hankins, TMC Community Capital, 415-655-5458, [email protected]

SOURCE TMC Community Capital