Mayor Celebrates Success of Small Business Loan Fund
Mayor Edwin M. Lee today announced that the initial $680,000 set aside for lending through the City’s Small Business Revolving Loan Fund is successfully financing 27 small businesses in San Francisco. In July 2009, the Revolving Loan Fund launched with the goal of creating jobs and assisting microenterprises access much needed capital to start and grow their businesses. Funded businesses represent San Francisco minority-owned, women-owned micro-entrepreneurs with their creative and dynamic startups and expansions generating more than 50 full-time jobs and significantly contributing to the revitalization and recovery of the local economy.
“The Revolving Loan Fund is a major step in easing the small business capital crisis and promoting the growth and development of small businesses,” said Mayor Lee. “As anticipated, there was a high demand for these loans and it did not take long for the funds to directly benefit small businesses and create jobs. The City is committed to identifying additional capital to keep the momentum of the program going in response to the enormous demand.” Read more.