San Francisco Examiner:
In the next eight months, The City plans to issue about $1 million in loans to people wishing to expand or start a small business.
Mayor Ed Leeâ€™s proposed $1 million for a small business revolving loan fund was approved Wednesday by the Board of Supervisors Budget and Finance Committee.
Jennifer Matz, director of the Office of Economic and Workforce Development, said the funding would result in 62 loans this year. â€œThe rate of return coming in from that many loans will really create a pool that can continue to revolve without starts and stops,â€ she said.
The program is part of a larger vision. â€œWhat we are trying to do right now is create an entire spectrum of lending and financial assistance for businesses large and small,â€ Matz said. â€œThe revolving loan fund is really the first step.â€
The program was launched in 2009 and offers loans of $25,000 for start ups and $50,000 to existing businesses to be repaid over five years. Since launching, 279 businesses have received a total of $715,585 in loans and created 73 jobs.
Does anything like this exist in your community?
Photo by Billy Brown