San Francisco, Nov 10 : San Francisco Mayor London Breed has announced a $3.5 million expansion of a loan program to support small businesses in the city hit by the Covid-19 pandemic,
The San Francisco Hardship and Emergency Loan Program expansion will focus on private, for-profit low-income to moderate-income small businesses, Xinhua news agency quoted Breed as saying in an announcement on Monday.
The loans can be used to pay for payroll, rent, inventory, equipment, and other operating expenses businesses have as they gradually reopen.
The program will provide zero-interest loans of up to 50,000 dollars to approximately 80 small businesses as San Francisco continues on the road to economic recovery amid the pandemic.
The program was created this April and has funded 227 small businesses. Of the 227 loans awarded, 74 per cent are minority-owned small businesses and 52 per cent are women-owned businesse.
The city intends to provide local economic stimulus, promote safe reopening, and pursue economic justice through this measure, she added.
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