Microloans
San Francisco Revolving Loan Fund
CITY OF SAN FRANCISCO REVOLVING LOAN FUND (RLF)
PLEASE NOTE: City of San Francisco Revolving Loan Fund Loans are subject to the availability of funds.
WHEN CITY SF LOAN FUNDS ARE AVAILABLE, THE DETAILS OF THE PROGRAM ARE BELOW:
Loan Amounts: $5,000 to $25,000 (Loans $25,001 to $50,000 are available for established businesses with 2+ years in business; underwriting criteria is more stringent.)Interest Rates: 4% to 6% Fixed
Term of Loan: Up to 5 years, fully amortized
Basic Eligibility Requirements: All Businesses
- Have limited or no access to a bank loan
- Business is located in San Francisco
- Create/retain 1 full-time job made available for low/moderate-income individuals
Basic Eligibility Requirements: Startup Businesses
- Significant same industry experience
- Secondary source of income
- A completed written business plan
- Owner's equity injection into the business: at least 20% of the requested loan amount
Basic Eligibility Requirements: Existing Businesses
- Executive summary of the operations and management of the business
- Owner's equity injection into the business: at least 10% of the requested loan amount
Eligible Loan Uses
- Working Capital
- Inventory Purchase
- Equipment & Machinery
- Startup Costs
- Leasehold Improvements
Ineligible Loan Uses
- Personal expenses
- Debt consolidation/refinance
- Payment of existing business debt
Timing: 1 Month
- From the time we receive a completed loan application, it takes 7 to 10 days to receive a decision as to whether a loan request is approved or not
- If a loan is approved, it takes an additional 1 to 3 weeks to fund the loan
Loan Fees
- Application Fee: $50 nonrefundable
- Loan Closing Fee: 3% of the loan amount
- Additional fees may apply in connection with securing collateral, returned checks, late payments and any prepayments made within three months of loan closing
Personal Guaranty
We require a personal guaranty for anyone who owns 20% or more of the business.
Education and Technical Assistance:
- As a requirement of our loans, we create an education plan of free and low-cost workshops about entrepreneurial topics for our borrowers to complete after they receive a loan.
- We also provide ongoing free technical assistance during the life of the loan
Prior to Starting the Application Process
We recommend you review:
- Application Process Page
- Application Checklist: Sole Props or LLCs, Corporations, & Partnerships
- Application Forms: Sole Props or LLCs, Corporations, & Partnerships
- And speak to a Working Solutions representative (see phone numbers below) to determine program eligibility before completing any paperwork.
- We will need copies of your 2009 federal tax return.
Our services are provided in English, Chinese, and Spanish.
English Speakers: Please call Tammy Magid at 415-655-5473 to schedule a 30 minute eligibility call.
Cantonese Speakers: Please contact Agnes Cheung at 415-655-5471 to schedule a 30 minute eligibility phone call.
Spanish Speakers: Please contact Lorena Roman at 415-655-5448 to schedule a 30 minute eligibility phone call.
Loans made pursuant to a Department of Corporations California Finance Lenders License.
This is not a guaranteed loan offer.
All loan applications are subject to review and approval by TMC Development Working Solutions.
This project funded by the City of San Francisco's Office of Economic and Workforce Investment
