More 0% loans for S. F. businesses
San Francisco is adding $ 3.5 million to a loan program the city created this year to help struggling businesses survive the coronavirus pandemic.
The program, called the San Francisco Hardship and Emergency Loan Program or SF HELP, will provide zerointerest loans of up to $ 50,000 to approximately 80 small businesses, the city announced Monday.
“I’m so glad that we’re able to provide another round of muchneeded funding for San Francisco’s small businesses. COVID19 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,” Mayor London Breed said in a statement.
The pandemic has exacerbated the woes of the city’s small businesses, with many businesses closing permanently.
Since April, when the loan program was created, $ 8.5 million has gone to 227 small business representing a range of sectors: bars, restaurants, dry cleaners, childcare, hair salons, health serNick
vices, manufacturers and gyms, among others. Around 74% are minorityowned small businesses and 52% are womenowned businesses, city officials said.
The loans can be used to pay for rent, payroll, equipment and other operating expenses. They have a repayment term of up to six years, and there are no fees, personal guarantees or collateral requirements for the borrower, according to the announcement. The deadline to apply is Nov. 25.
A lottery system will determine which businesses can submit a formal application, with preference given to businesses with low to moderate income. It was unclear what constitutes low to moderate income.
San Francisco has given out more than $ 21 million in grants and loans to more than 1,000 businesses as the pandemic has dragged on. Even still, many businesses that remain open are teetering on the verge of permanent closure.
The city has helped in other ways — recently waiving fees for entertainment and nightlife venues that haven’t operated for months, and waiving fees for outdoor seating and parklets. Small businesses must apply to receive the fee waivers.