TMC Community Capital and The Change Reaction Partner to Pay Off Loans for Hardworking Small Businesses

Los Angeles, CA - November 13th, 2024 - TMC Community Capital announced today that through a unique collaboration with The Change Reaction, 26 Southern California based entrepreneurs received surprise news that their small business loans totaling over $160,000 had been paid off completely.

Small businesses are the backbone of local economies. TMC Community Capital is a Community Development Financial Institution that provides fast, affordable capital to business owners in underserved communities that otherwise are targets for predatory lending. TMC CC is proud to fill in the gaps in the financial system and open doors for entrepreneurs that have been historically excluded. While TMC Community Capital is a nonprofit, these microloans aren’t charity. Business owners put in the hard work to grow their business and repay their loans. The Change Reaction, a Los Angeles based direct giving foundation, provides direct financial support to thousands of individuals, families, and small businesses across Los Angeles.

TMC Community Capital presented The Change Reaction with an opportunity to help numerous hard working entrepreneurs who took out loans to expand their businesses. The Change Reaction responded quickly and provided grants to pay off the remaining balances for 26 of these small businesses.

“We are thrilled to partner with TMC Community Capital to help these incredible small businesses pay off their loans,” said Greg Perlman, founder of The Change Reaction. “By providing this financial relief, we’re rewarding their entrepreneurial spirit and helping them continue to create jobs in underserved communities.”

This partnership furthers TMC CC’s mission to foster financial stability and support undeserved entrepreneurs. Since its inception, Community Capital has lent over $9 million across California, helping create $5.6 million in wage earnings and generating over $18 million in local economic impact. In 2023, 82% of their loans supported entrepreneurs of color, with more than half of the total loan volume going to women-owned businesses.

“It means everything to have The Change Reaction see the work we do and jump right in. Partnerships like this are essential to our approach—because it’s not just about enhancing what we do, but about amplifying the impact for the small businesses we support,” said Daniel Fernandez, CEO of TMC Community Capital. “Their involvement strengthens our mission, helping us go further, faster for the communities we call home.”

Recipients of this generosity have already described how this will allow them to better serve their community and have more financial freedom, and how this has inspired them to pay the kindness forward. Through this partnership, TMC Community Capital and The Change Reaction are ensuring that California’s small businesses continue to succeed, grow, and contribute to the economic vitality of their communities.

“It was a call I would've never imagined. My father and I are beyond grateful for your generosity. Baking bread is a family tradition that has been passed down to my father and now to my brother and I. Words cannot express how thankful we are.” - Guevara’s Bakery

About TMC Community Capital

TMC Community Capital is transforming the microfinance landscape by addressing unmet needs and meeting small businesses where they are. As a nonprofit CDFI, TMC Community Capital is dedicated to leveling the financial playing field and empowering women-owned, low-income, and under-resourced small businesses in California. By driving financial equity, bridging the digital divide, and delivering an outstanding user experience, TMC Community Capital ensures these businesses have the resources they need to thrive.

Website: tmccommunitycapital.org
Instagram: tmc_commcapital
LinkedIn: tmccommunitycapital

About The Change Reaction

The Change Reaction, LA’s direct giving foundation, is rooted firmly in the belief that we need to provide direct support to the thousands of hard-working individuals that make Los Angeles thrive. With its network of almost 1,500 social workers and partnerships with over 150 exceptional non-profit organizations, The Change Reaction provides critical financial assistance to stabilize and strengthen working Angelenos and their families.

Website: changereaction.org
Instagram: the_changereaction
LinkedIn: the-change-reaction