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Committee files short-term loan ordinances to create $20M emergency loan program for San Francisco small businesses
Summary
The Budget & Finance Committee filed two ordinances on April 8, 2020 to authorize a $20 million short-term line of credit and appropriate $20 million (plus $600,000) to the Treasurer to provide emergency unsecured loans to small businesses affected by COVID-19; supervisors said OEWD already launched a related $10 million package and a $4.5 million hardship program is live.
Supervisor Hillary Ronan asked the Budget & Finance Committee to file two ordinances that would allow the City to provide short-term emergency unsecured loans to small businesses with physical locations in San Francisco.
Ronan said she had worked with the Office of Economic and Workforce Development to create a $10 million small-business package, and she credited OEWD for launching the SF LEHI hardship emergency loan program with $4.5 million available immediately and another $4.5 million to be…
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