The program is to provide financing to viable small businesses that private lenders cannot accommodate. Loan funds can be used for reasonable and eligible business operation costs, including, but not limited to, inventory, equipment, working capital and leaseholder improvements.
Depending on how your business has been impacted by the COVID-19 crisis, start-ups and existing businesses may qualify for special terms, which are subject to change:
$5,000-$50,000 loan;
3- or 5-year loan term;
5% fixed interest rate;
Waived application fee;
Reduced closing fee of 3%;
Interest-only during the first 6 months (principal deferred);
No prepayment penalties.
SEACC is a designated intermediary lender for the US Small Business Administration’s 7(m) Microloan program. This program provides commercial loans of $5,000 to $50,000, to small businesses that have been unable to secure conventional bank loans.
Main Street Launch operates as San Francisco Launch and will provide capital to businesses through the Emerging Business Loan Fund and other lending programs.
Loan Amounts: up to $250,000;
Interest Rate: WSJ Prime + 3%
Loan Uses:
Furniture, fixtures, equipment;
Inventory;
Hire employees and pay expenses;
Business debt refinancing;
Business acquisition; or
Tenant improvements.
Main Street Launch operates as Oakland Launch. In Oakland, Main Street Launch is committed to providing access to capital in parity with the community, supporting neighborhood revitalization efforts without displacement, and creating jobs for Oakland’s residents.
Loan Amounts: $10,000 to $250,000;
Interest Rate: WSJ Prime + 4% (~7.75%)
Loan Terms: Up to 10 year loan amortization and no prepayment penalty;
Loan Uses:
Furniture, fixtures, equipment;
Inventory;
Working capital;
Business debt refinancing;
Fondo Adelante’s microlending program is offering loans of up to $100,000 to San Francisco small-business owners. All loan recipients will receive pre- and post-loan closing technical assistance from MEDA’s Business Development Program, offered in English and Spanish. By supporting our borrowers with business coaching, our loan fund will be able to consider small-business owners who are often deemed high risk by other microlenders. Ultimately, these small-business owners will create jobs within San Francisco’s lower-income communities.