April 7, 2020
Mayor London Breed announced last week the San Francisco Hardship Emergency Loan Program (SF HELP) to provide small businesses with no-interest loans. Applicatons became available online April 7th.
To be eligible for a loan under this program, the business must:
- Be a for-profit business located in San Francisco and in good standing (have a business license, be free of any city/county tax iens or judgments)
- Have a total annual revenue under $2.5 Million
- Demonstrate a 25% drop in revenues since 1/1/20
- Have 3 years remaining on a lease, if the business is location dependent
- Have a business bank account
According to the City, loans can be used to pay payroll, rent, utilities, inventory and more. The loan will have a flexible repayment schedule, with terms determined on a case-by-case basis, based on each borrower’s ability to repay.