June 19, 2020 

A Message From The Supervisor:

A lot is happening in our nation and our City as we grapple with the effects of injustice in our African American community at the same time of dealing with the COVID-19 pandemic. We will get through this together and create an even stronger City where all people can feel safe and supported.

Please don't hesitate to email us at SafaiStaff@sfgov.org or call us at 1-415-554-6976 if we can assist you in any way and we will immediately respond. 

Thank you all for your time, cooperation, and perseverance -- we will all get through this together! 

Sincerely,




Supervisor Ahsha Safai 

As we celebrate freedom today, I want to reaffirm my commitment to fight for reforms to achieve a more just society. I stand in solidarity with those who are hurting and demanding that we create an America that works and benefits all people.

Join me tomorrow as we discuss the Economic Impacts of COVID-19 to the Black Community and how we can work for economic restoration and empowerment.
 

Mayor London N. Breed, the Office of Economic and Workforce Development (OEWD), Main Street Launch, and the San Francisco African American Chamber of Commerce today announced the establishment of the African American Small Business Revolving Loan Fund, supported by an initial investment of $1.5 million from Give2SF donations. The Fund will provide access to capital and financial assistance for African American entrepreneurs and Black-owned small businesses impacted by COVID-19.

The new loan program complements Citywide efforts to support micro-enterprises and small businesses historically underserved by private banks and other traditional sources of financing, as well as OEWD’s standing commitments to invest in the City’s historically Black neighborhoods.

The purpose of the African American Small Business Revolving Loan Fund is to help stabilize San Francisco’s Black-owned small businesses by meeting urgent capital needs brought on by sudden revenue loss from business disruption resulting from COVID-19. As the City recovers from the current recession, it has made a commitment to ensuring a more equitable recovery and inclusive future economy. 

San Francisco’s African American Small Business Revolving Loan Fund will function as a rapid deployment fund to support Black-owned businesses in San Francisco, including those businesses that provide needed services in historic African American neighborhoods. The goal is to enable businesses to sustainably maintain or advance their business operations while building African American community wealth in San Francisco, meeting essential needs, expanding opportunity and reducing structural barriers to equity.

Funding will be disbursed to eligible businesses by Main Street Launch. The $1.5 million will support zero-interest loans up to $50,000, with flexible repayment terms, loan forgiveness options, and wide-ranging technical assistance. The goal is to ensure that loan eligibility criteria are driven by need and that the loan product is structured to minimize barriers to access, including no personal guarantees or collateral requirements. Loans will be prioritized for long-standing San Francisco Black-owned businesses, especially those whose business operations are most heavily impacted by ongoing Shelter in Place restrictions.  

Interested small businesses can visit oewd.org/covid19/business to learn more about how to apply for the new loan program, as well as existing loan and grant programs.