Mayor Newsom announces the first microloan of the City's Local Economic Stimulus Plan

Mayor Newsom announces the first microloan of the City’s Local Economic Stimulus Plan $50,000 provided to start- up beauty supply store in Noe Valley and organic granola company in the Mission

07/14/09 - Mayor Gavin Newsom today announced that the City has awarded the first two loans through the San Francisco Revolving Loan Fund (RLF). The loans will allow two, women owned, small businesses to open or expand their businesses in San Francisco – Bubbles & Shampoo, a beauty supply store / salon in Noe Valley and 18 Rabbits, an organic granola company in the Northeast Mission. Each business received a loan of $25,000 through the Revolving Loan Fund.

"Small businesses are the backbone of our economy, but like many in the nation, San Francisco small businesses are shedding jobs while consumer spending drops and bank loans and credit diminish," said Mayor Newsom. "Our small businesses are too important to fail - that is why we created the Revolving Loan Fund to boost and aid entrepreneurism with more loans and free resources. The loans are designed to bridge the funding gap experienced by many small companies who have viable business plans but are failing to access funds." Read more

Posted on July 15, 2009 | The comments to this entry are closed.