California
San Francisco
COVID-19 Small Business Resiliency Fund
Amount — Loans of up to $10,000
Qualifying businesses — Companies with 1-5 employees
Purpose of loans — Cover rent and salaries
Eligibility —
Losses of >25% of revenue
Have less than $2.5 million in Revenue
Licensed to operate in San Francisco
Docs Required — proof of payroll costs and proof of lost revenue.
How to Apply — Fill out the online application and email it to investsf@sfgov.org
Ban on evictions for SMBs affected by COVID-19 — Effective for 30 days starting March 17; Mayor has the capability to extend for another 30 days
San Francisco Hardship Emergency Loan Program (SF HELP)
Amount — Up to $50,000
Interest Rate — 0%
Term — Up to 6 years
Purpose of loans — No fee and no collateral required for funds that can be used to pay payroll, rent, utilities, inventory and more.
Eligibility —
Be an existing business located in the City of San Francisco (SF Business address)
Be a for-profit business in good standing
Have total annual revenues under $2,500,000
Have a valid San Francisco Business License
Be free of any city/county tax liens or judgments
Have a business bank account
Demonstrate a 25% drop in revenues since January 1, 2020.
Must have 3 years remaining on lease, if business is location dependent.
How to Apply – https://mainstreetlaunch.org/about-us/loan-inquiry/
CA Office of Small Business Advocate
IBank will issue loan guarantees up to 95 percent of the loan through its partner Financial Development Corporations to help small business borrowers who were impacted by disasters or public safety power shutoffs and who need term loans or lines of credit for working capital. Small businesses, including small farms, nurseries, agriculture-related enterprises and nonprofits that have suffered an economic loss Resources for Businesses and/or physical damage may apply. This disaster program will help lenders and small businesses by providing loan guarantees of up to $1 million for small business borrowers in declared disaster areas.
IBank is also offering loans from $500 to $10,000 to low-wealth entrepreneurs in the declared disaster and emergency areas through its Jump Start Loan Program.
Amount — $500 - $10,000
Term — Up to Five Years
Qualifying businesses — Companies with 1-5 employees
Purpose of loans — Cover rent and salaries
Eligibility —
Borrowers must be a low wealth entrepreneur with a business located in a in a declared disaster area
Or —
Borrowers must be a low wealth entrepreneur located in a low-wealth community within both:
A county with a per capita income equal to or less than 115-percent of the statewide average
A city or unincorporated area with an unemployment rate equal to or greater than the statewide average
Borrowers annual income must be equal to or less than the statewide average
Loan proceeds must be used in California
How to Apply — Application criteria are here
Qualifying small business owners can apply for a loan guarantee or get additional information by contacting one of the participating Financial Development Corporations (FDCs)
Los Angeles
Small Business Emergency Microloan Program
Amount — Loans are between $5,000 - $20,000
Interest rate — Loans repayable within 6 months - 1 year carry 0% interest; Five-year loans carry 3-5% interest
Purpose of loans — Provides emergency microloans to businesses that provide low-income jobs
Eligibility —
“Reasonable and Responsible” Credit History
Use loan for working capital only
Business must be located in City of Los Angeles
If you own over 20% of the business, you must guarantee the loan
Docs Required — Provide business and personal tax returns, three months of bank statements, and business and personal financial statements
How to Apply – Apply online
Ban on Evictions for SMBs Affected by COVID-19 — Effective through March 31
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Last Updated — April 7, 2019
