I recently had the pleasure of meeting with Emily Gasner, Director of Working Solutions a 501(c)3 nonprofit organization assisting underserved entrepreneurs in the 9 Bay Area counties access with capital and resources needed to successfully start and grow their businesses. Emily and I chatted for over an hour on specific ways to help small business owners find the resources and funding needed to keep their doors open and businesses running smoothly. Part of my job as an advice columnist is to offer information not readily available to small business owners. What I like about this organization is that they work with business owners who may not be able to obtain a business loan thru traditional means. While I am not big on going thru banks for loans(too impersonal and most won´t deal with you unless you´re doing over $100,000 in business already) I do see the value in programs like this one because they understand the challenges in building a business. Below is more information on this innovative program. You can also visit their website at http://www.tmcworkingsolutions.org/. Thanks to organizations like Working Solutions, growing businesses have the chance to reach their full potential.
Working Solutions offers microloans to qualified microentrepreneurs in the nine Bay Area counties. This program is for entrepreneurs with limited or no access to conventional financing. The loans are for business purposes only. Please contact us to learn more about the microloan. program.
We make loans to eligible startup and existing businesses.
Startups are businesses with less than one full year of operations. Startups are welcomed to apply if they have significant experience in the same exact industry and a secondary source of income. Startups must have a completed business plan. Applicant is required to make an equity injection of 20% to 30% of the loan amount into the business.
Existing businesses have one full year of operations or more. Existing businesses must have an executive summary of the operations and management of the business. Applicant is required to make an equity injection into the business of 10% to 15%.
Loan amount: $5,000 to $25,000 commercial loans
Interest rate: 6% to 10% fixed rate
Term: Up to 5 years fully amortized
We Serve Businesses in These Bay Area Counties: San Francisco , Alameda , Marin, Sonoma , Napa , Solano, Contra Costa, San Mateo , and Santa Clara
Eligible Use of Loan Proceeds: Working Capital, Inventory Purchase, Equipment and Machinery Purchase, Leasehold Improvements, and Start-up Costs
$25 nonrefundable application fee
loan closing fee equal to 3% of the loan amount capped at $500
additional fees may apply in connection with securing collateral, returned checks, late payments and any prepayments made within three months of loan closing
This is not a guaranteed loan offer.
All loans are subject to review by TMC Development Working Solutions.
Loans made pursuant to a Department of Corporations
California Finance Lenders License.
If you would like more information, please contact Emily Gasner.
TMC Development Working Solutions
611 Front Street , San Francisco , CA 94111
(415) 989-8855 firstname.lastname@example.org