SF Announces $1.5 Million in Loans to Black-owned Businesses
In partnership with the San Francisco African American Chamber of Commerce and Main Street Launch to establish a new loan fund to support Black-owned businesses that have been deeply impacted by the pandemic. The City has announced Friday, June 19th, the establishment of the African American Small Business Revolving Loan Fund, supported by an initial investment of $1.5 million from Give2SF donations.
For generations, Black-owned businesses have been marginalized and discriminated against, all too often having difficulty securing the financing they need to open and operate. This new loan fund is a step in the right direction to right past wrongs and helps San Francisco businesses stabilize and thrive, said Mayor Breed.
Funding will be disbursed to eligible businesses by Main Street Launch. The $1.5 million will support zero-interest loans up to $50,000, with flexible repayment terms, loan forgiveness options, and wide-ranging technical assistance. The goal is to ensure that loan eligibility criteria are driven by need and that the loan product is structured to minimize barriers to access, including no personal guarantees or collateral requirements. Loans will be prioritized for long-standing San Francisco Black-owned businesses, especially those whose business operations are most heavily impacted by ongoing Shelter in Place restrictions.
The Office of Economic and Workforce Development also created a directory of African-American owned businesses in San Francisco, which you can find at oewd.org/SupportBlackBiz.
Interested small businesses can visit oewd.org/covid19/business to learn more about how to apply for the new loan program, as well as existing loan and grant programs.
Businesses all over San Francisco are struggling to survive, & Black-owned businesses in particular have been especially hard hit. This new loan fund is a step in the right direction to right past wrongs & help San Francisco businesses stabilize & thrive. https://t.co/ywT3BCBjMC
— London Breed (@LondonBreed) June 19, 2020