Budget panel files ordinances to enable $20 million short‑term loan program for small businesses

The San Francisco Board of Supervisors’ Budget and Finance Committee on April 8 filed two ordinances to enable short‑term emergency loans for small businesses hit by the COVID‑19 pandemic.

The ordinances would authorize the treasurer to secure a short‑term line of credit of up to $20,000,000 to provide unsecured emergency loans to small businesses with physical locations in San Francisco unable to meet rent, mortgage or other fixed operating costs, and would appropriate $20,000,000 of loan proceeds plus $600,000 from the general reserve to the Office of the Treasurer and Tax Collector to administer those loans.

Supervisor (identified in the record as Supervisor Fleming) described work with the Office of Economic and Workforce Development (OEWD) and community lenders to launch immediate aid programs; she told the committee OEWD had already launched a hardship emergency loan program with $4,500,000 available immediately and another $4,500,000 to be added within the month. “OEWD has done amazing work,” Fleming said, thanking OEWD staff and participating lenders.

The committee voted on procedural motions to file the two items. After a brief procedural question about whether a second was required for the three‑member committee, members rescinded an initial roll call and then re‑recorded the filing vote; the clerk recorded three ayes on the final roll call.

The clerk noted that items acted on in the committee will be scheduled on the April 14 Board of Supervisors agenda for consideration unless otherwise stated. The committee chair asked staff to ensure outreach to Chinese‑language small business communities and to chambers of commerce as the program is launched.

Next steps: the ordinances will be scheduled for the full Board of Supervisors on April 14 for further consideration and final action.