Mayor Lee’s Statement on $1 Million Recapitalization of Small Business Revolving Loan Fund
Mayor Signs Supplemental Appropriation for New Loans to New & Existing San Francisco Small Businesses, Joined by Local Small Business People & Legislative Supporters
Mayor Edwin M. Lee today made the following statement after signing a $1 million supplemental appropriation to recapitalize the San Francisco Small Business Revolving Loan Fund (RLF), approved unanimously by the Board of Supervisors on second reading last Tuesday:
“Our local small businesses are a cornerstone of our City’s economy, a critical engine for local job creation and the heart of our neighborhood commercial corridors.
With this $1 million in additional capital for our highly successful Small Business Revolving Loan Fund, we can help existing small businesses expand and add jobs and invest in helping new entrepreneurs achieve their vision of starting a new small business in our City.
I applaud the Board of Supervisors for their unanimous support of the Revolving Loan Fund and want to thank our community lending partner Working Solutions for their steadfast commitment towards administering these loans to San Francisco small businesses.”
Since its launch in 2009, the RLF has been highly successful, loaning a total $715,850 to 29 different San Francisco businesses that have created 75 jobs. This financial capital—offered to business owners at below-market interest rates—helps create jobs and strengthen corridors.
The legislation was co-sponsored by Mayor Lee, Board of Supervisors President David Chiu and Supervisors Scott Wiener, Christina Olague, Mark Farrell, Jane Kim and Malia Cohen. The $1 million supplemental appropriation to recapitalize the Revolving Loan Fund immediately is part of Mayor Lee’s commitment to supporting small businesses through his 17-Point economic plan to create jobs and opportunity for people in every San Francisco neighborhood.
Mayor Edwin M. Lee today made the following statement after signing a $1 million supplemental appropriation to recapitalize the San Francisco Small Business Revolving Loan Fund (RLF), approved unanimously by the Board of Supervisors on second reading last Tuesday:
“Our local small businesses are a cornerstone of our City’s economy, a critical engine for local job creation and the heart of our neighborhood commercial corridors.
With this $1 million in additional capital for our highly successful Small Business Revolving Loan Fund, we can help existing small businesses expand and add jobs and invest in helping new entrepreneurs achieve their vision of starting a new small business in our City.
I applaud the Board of Supervisors for their unanimous support of the Revolving Loan Fund and want to thank our community lending partner Working Solutions for their steadfast commitment towards administering these loans to San Francisco small businesses.”
Since its launch in 2009, the RLF has been highly successful, loaning a total $715,850 to 29 different San Francisco businesses that have created 75 jobs. This financial capital—offered to business owners at below-market interest rates—helps create jobs and strengthen corridors.
The legislation was co-sponsored by Mayor Lee, Board of Supervisors President David Chiu and Supervisors Scott Wiener, Christina Olague, Mark Farrell, Jane Kim and Malia Cohen. The $1 million supplemental appropriation to recapitalize the Revolving Loan Fund immediately is part of Mayor Lee’s commitment to supporting small businesses through his 17-Point economic plan to create jobs and opportunity for people in every San Francisco neighborhood.