SAN FRANCISCO, Calif. (KRON) – San Francisco’s small, black-owned businesses could get a financial boost with a large donation.
African American entrepreneurs could get one year of interest-free loans through the city, according to the CEO of Workday.
The dollar amount will vary on a case-by-case basis, but any help is certainly welcome.
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Hudari Murray, the owner of the Newbill Barbershop in San Francisco, is hoping for this opportunity again.
He had to pay rent during the pandemic and previously applied for three scholarships but didn’t hear back.
The San Francisco African American Chamber of Commerce estimates that there are nearly 200 black-owned companies across the city.
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James White, the owner of Shoe Repair on Bush Street, tells KRON 4 that his business is fairly new. He expected to make a decent profit in 2020, but when COVID-19 hit it was like starting all over again.
Many others have suffered from the troubles caused by the pandemic, but Mayor London Breed and interim vice president of the San Francisco Foundation state that the problem is linked to longstanding systemic discrimination that makes it difficult for black entrepreneurs to access credit.
“To have access, in this case, to the resources they have traditionally been excluded from accessing, and this fund says see you and we want to invest in your ability to thrive,” said Eric McDonnell.
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The San Francisco Foundation and Start of Main Street, the African American Chamber of Commerce, and the City of San Francisco are working together to provide $ 1.5 million interest-free loans.
Any business can get up to $ 50,000 to pay for everything from rent to creating an online presence that could come in handy during the pandemic.
African American Small Business Revolving Loan Fund recipients won’t have to pay a penny until 2022, and repayment terms are flexible.
Applicants must have worked in San Francisco for at least five years.
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The application can be found on the website of the Office for Economic Workers and Development. The deadline is this August.
More donors are needed as McDonnell said that funding will be depleted before all black-owned businesses currently operating in the city can benefit.