Impact of coronavirus: SF small businesses can now apply for loans up to $ 100k

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London Mayor Breed said Thursday that the new program will give San Francisco small businesses up to $ 100,000 in zero-interest loans as they continue to recover from the COVID-19 pandemic.

The SF Small Business Recovery Loan Fund began accepting applications on Thursday and aims to reach small businesses that are ineligible for existing assistance 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 laws to help small businesses operate successfully in San Francisco for years to come. “

The new program was made possible by leveraging government-funded and local lending partners, creating the largest small business lending program the city has offered to date.

The program is urgently needed to revive the local economy and help businesses struggling despite the state 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 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.

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