Mayor London Breed (Kevin N. Hume/S.F. Examiner)

Mayor London Breed (Kevin N. Hume/S.F. Examiner)

SF makes more loans of up to $50K available to small businesses

$3.5M added for COVID-19 financial relief

San Francisco made an additional $3.5 million in small business loans available Monday for COVID-19 financial relief.

The funding will go to private for-profit small businesses that are considered low or moderate income. The owners can use the loans toward payroll, rent, inventory and equipment.

“COVID-19 isn’t over and as we begin the hard work of recovering as a city, we need to continue to be there for our businesses—especially those who have difficulty accessing other forms of credit or financial assistance,” Mayor London Breed said in an announcement.

The San Francisco Hardship and Emergency Loan Program, or HELP, has distributed $8.5 million in loans to 227 small businesses since it launched in April, according to the Mayor’s Office. Loans are up to $50,000 per business and are to be repaid within six years.

Of the past recipients, 74% were minority-owned small businesses and 52% women-owned businesses, according to the office.

Business types included bars, hair salons, dry cleaners, gyms and child care.

“These zero-interest loans will help our beloved neighborhood businesses and entrepreneurs reopen safely,” Breed said. “Small businesses, like our neighborhood restaurants, corner markets, and hair salons, keep our commercial corridors thriving and provide employment for San Franciscans. Their survival and success will help us recover together.”

Joaquín Torres, director of the Office of Economic and Workforce Development, praised the program for providing essential capital to help businesses weather the pandemic.

“The success of minority-owned businesses – who make up more than half of San Francisco’s small business communities – is essential for an equitable recovery and our City’s ongoing cultural and economic vitality,” Torres said in a statement. “SF HELP has been a lifeline for those small businesses hardest hit by this pandemic.”

For more information on the program click here.

Bay Area NewsPoliticssan francisco news

Just Posted

San Francisco supervisors are considering plans to replace trash cans — a “Renaissance” garbage can is pictured on Market Street — with pricey, unnecessary upgrades. (Kevin N. Hume/The Examiner)
San Francisco must end ridiculous and expensive quest for ‘pretty’ trash cans

SF’s unique and pricey garbage bins a dream of disgraced former Public Works director

Pachama, a Bay Area startup, is using technology to study forests and harness the carbon-consuming power of trees. (Courtesy Agustina Perretta/Pachama)
Golden Gate Park visitors may take a survey about options regarding private car access on John F. Kennedy Drive, which has been the subject of controversy during the pandemic.<ins> (Kevin N. Hume/S.F. Examiner)</ins>
Your chance to weigh in: Should JFK remain closed to cars?

Host of mobility improvements for Golden Gate Park proposed

Dreamforce returned to San Francisco in person this week – but with a tiny sliver of past attendance. (Courtesy Salesforce)
Dreamforce returns with hundreds on hand, down from 170,000 in the past

High hopes for a larger Salesforce conference shriveled during the summer

The Hotel Whitcomb on Market Street was one of many hotels that took in homeless people as part of The City’s shelter-in-place hotel program during the pandemic.<ins> (Kevin N. Hume/The Examiner)</ins>
Closing hotels could disconnect hundreds from critical health care services

‘That baseline of humanity and dignity goes a long way’

Most Read