Twenty-seven small businesses in San Francisco have taken advantage of loans provided by The City, Mayor Ed Lee announced Monday.
The initial $680,000 from the general fund set aside for the Small Business Revolving Loan Fund has been tapped. Now, Lee said he is trying to find more money to extend the program, which began in 2009.
“As anticipated, there was a high demand for these loans and it did not take long for the funds to directly benefit small businesses and create jobs,” Lee said in a statement. “The City is committed to identifying additional capital to keep the momentum of the program going in response to the enormous demand.”
The loans are issued through TMC Development Working Solutions, a local nonprofit. Loans range between $5,000 and $50,000, with a fixed rate between 4 and 6 percent.
The announcement Monday kicks off national small-business week.