City launches largest lending program for businesses trying to recover from pandemic

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The new program will give small businesses in San Francisco up to $ 100,000 in zero-interest loans as they continue to recover from the pandemic, London Mayor Breed said Thursday.

The SF Small Business Recovery Loan Fund, which began accepting applications on Thursday, aims to reach small businesses that are ineligible for existing relief programs and face barriers to capital.

“The COVID-19 pandemic has destroyed many of our small businesses and forced them to change their business models to meet public health and safety requirements,” Breed said in a statement. “Small businesses have supported this city throughout the pandemic and will play a critical role in rebuilding our economy. It is more important than ever that we provide the necessary funding and pass legislation that will help small businesses operate successfully in San Francisco for years to come. ”

The new program is made possible by leveraging funds from government-funded and local lending partners, creating the largest small business lending program offered by Th City to date.

The program is urgently needed to boost the local economy and help businesses struggling despite the state’s reopening last month, city officials said. A recent report by the San Francisco Chamber of Commerce showed that up to 50 percent of the city’s businesses remain closed, despite COVID-19 restrictions being lifted.

“Small businesses helped to get out of the Great Recession, and now they can do it again, but not without access to business support and flexible and affordable credit,” said Keith Sophis, San Francisco director of human resources and economic development. “Our small businesses need a sustained concerted effort to help them safely recover and reopen.”

The latter program is part of a broader effort to provide immediate and ongoing support to small businesses, including $ 52.8 million in grants and loans to support more than 3,000 businesses, as well as tens of millions of dollars in deferred payments and taxes and application assistance. … for state and federal funding programs.

Small businesses can apply for the city’s latest credit program online at caloanfund.org

– Bay City News

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