San Francisco approves $7.3M small business emergency financial relief program
April 14, 2021 | San Francisco County, California
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In a recent San Francisco County government meeting, officials took significant steps to support local small businesses facing financial challenges. The Board of Supervisors approved a resolution to establish a Small Business Emergency Financial Relief Program, which aims to provide much-needed loans and financial assistance to struggling enterprises in the city.
The program, administered by the Office of Economic and Workforce Development (OEWD), will allocate up to $7.3 million. This funding includes $4.2 million directed to the California Rebuilding Fund for loan origination and $3.1 million to Kiva Capital Management for an interest buy-down fund. This initiative is designed to help small businesses with fewer than 50 employees and less than $2.5 million in gross revenue, particularly those that have not benefited from traditional loan programs.
During the meeting, Supervisor Suraj Safai emphasized the urgent need for flexible financial solutions, noting that many small business owners are overwhelmed by existing debt. He urged the committee to consider converting some of the loan funds into grants if they remain underutilized, highlighting the pressing need for direct financial relief rather than additional loans.
Interim Director Diana Ponce de Leon explained that this new program is intended to complement existing loan offerings, enhancing the support available to small businesses. The partnership with the California Rebuilding Fund is expected to leverage the city’s investment, potentially increasing the total funding available to $12 million through private investments.
The resolution was met with support from the committee, and after a brief public comment period, it was decided to continue discussions on the program in the next budget and finance committee meeting. This initiative reflects the city’s commitment to fostering a resilient local economy and addressing the financial hardships faced by small businesses in San Francisco.
The program, administered by the Office of Economic and Workforce Development (OEWD), will allocate up to $7.3 million. This funding includes $4.2 million directed to the California Rebuilding Fund for loan origination and $3.1 million to Kiva Capital Management for an interest buy-down fund. This initiative is designed to help small businesses with fewer than 50 employees and less than $2.5 million in gross revenue, particularly those that have not benefited from traditional loan programs.
During the meeting, Supervisor Suraj Safai emphasized the urgent need for flexible financial solutions, noting that many small business owners are overwhelmed by existing debt. He urged the committee to consider converting some of the loan funds into grants if they remain underutilized, highlighting the pressing need for direct financial relief rather than additional loans.
Interim Director Diana Ponce de Leon explained that this new program is intended to complement existing loan offerings, enhancing the support available to small businesses. The partnership with the California Rebuilding Fund is expected to leverage the city’s investment, potentially increasing the total funding available to $12 million through private investments.
The resolution was met with support from the committee, and after a brief public comment period, it was decided to continue discussions on the program in the next budget and finance committee meeting. This initiative reflects the city’s commitment to fostering a resilient local economy and addressing the financial hardships faced by small businesses in San Francisco.
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