SAN FRANCISCO, Calif. (KRON) – COVID-19 has wiped out much of San Francisco’s small business income.
But now the city is expanding its small business loan program to provide about 80 businesses with a portion of $ 3.5 million.
“This zero interest loan product will be beneficial for those who want to save time now, increase their income and keep their employees in San Francisco,” said Joaquin Torres, director of economic and workforce development at SF. .
Torres, who heads the San Francisco Economic Development and Workforce Office, said that since April, the city’s aid program has provided loans to 227 small businesses.
74% owned by minorities and 52% owned by women.
“Any support we can get from the city and the federal government would be very helpful,” said Tracey Sylvestor.
Sylvestor has EHS Pilates in the mission. Its activity is down 75%, with the bulk of classes taking place outside and online. She says she will definitely apply for the loan.
“We all have our looming operating costs, the garbage rent and anything that keeps the building afloat right now, so any support to help with operating costs would be a lifeline.”
Francesco Cobucci, owner of the California Fish Market restaurant in North Beach, has already applied and hopes to be selected this time.
This will keep us open to pay the payroll and hopefully the vaccine will come out and we can come back and do normal business, ”Cobucci said.
75% of the additional funds will go to low and moderate income businesses and the remainder will go to other eligible businesses.