Revolving Loan Fund Update, April 6, 2009
IN RESPONSE TO CREDIT CRISIS, MAYOR NEWSOM LAUNCHES SAN FRANCISCO SMALL BUSINESS LOAN FUND
TMC Development Working Solutions Selected to Operate the Fund
SAN FRANCISCO, CA – In response to the ongoing credit crisis, Mayor Gavin Newsom announced today that TMC Development Working Solutions (Working Solutions) has been selected to work with the City and County of San Francisco to administer the city's new Small Business Revolving Loan Fund (RLF).
The RLF will provide microloans of up to $50,000 to small businesses operating in San Francisco that create and retain jobs for low-to-moderate income San Francisco residents. RLF microloan interest rates will range from 4% to 6% with a loan term not to exceed 5 years. A total of $800,000 in Federal funds will be given to Working Solutions to administer the program over the next two years, with the possibility of additional Federal funds being added. In addition, Working Solutions plans to leverage the city's funds with up to $1 million in private capital.