$62 Million for Small Business Loans to be Given in San Francisco

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San Francisco’s government revealed its new plan on Tuesday to provide financial assistance for small businesses affected by the coronavirus pandemic to help them stay afloat.

Small Business Loans

Small businesses will receive grants and loans with low to zero interest as the city will allocate $62 million to help them continue their operations, San Francisco Mayor London Breed said.

Breed noted how small business owners and workers have continued to struggle amid the COVID-19 health crisis. The local leader said the additional funding would help several small businesses in the state stay afloat in the next months while the COVID-19 vaccine is administered.

The $62 million financial assistance for the small businesses is divided into two parts; $12.4 million for grants and the remaining $50 million in loans, city officials said. Depending on the number of employees businesses had in February 2020, they would receive a varying amount of financial support, ranging between $5,000 to $20,000, KTVU reported.