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Board retroactively authorizes OEWD agreements to support small-business loan and interest buy-down programs
Summary
The Board approved a resolution authorizing the Office of Economic and Workforce Development (OEWD) to enter into agreements totaling up to $7.3 million, including a $4.2 million loan-facilitation agreement with the California Rebuilding Fund and an expected $3.1 million agreement with Kiva Microfunds for interest buy-downs.
The San Francisco Board of Supervisors unanimously adopted a resolution on April 27 authorizing the director of the Office of Economic and Workforce Development to enter into two agreements not to exceed $7.3 million in total from April 1, 2021 through June 30, 2027. The package includes an anticipated $4.2 million funding/loan agreement with the California Rebuilding Fund to facilitate origination of loans to small businesses, and one or more grant agreements expected to total $3.1 million with Kiva Microfunds to provide interest buy-down assistance for loans facilitated by the California Rebuilding Fund (item…
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