News
SF Mayor Lee Hosts Grand Opening
Working Solutions celebrated the success of the San Francisco City Revolving Loan Fund on
May 16, 2011 with San Francisco Mayor Ed Lee and Supervisor Scott Wiener and Sarah Dvorak, Owner of Mission Cheese on Valencia Street.
Working Solutions has administered the City's $680,000 loan fund since 2009. The fund has successfully financed 27 small businesses, creating over 50 full-time jobs and significantly contributing to the revitalization and recovery of the local economy. "The revolving loan fund is a major step in easing the small business capital crisis and promoting the growth and development of small businesses," said Mayor Lee.
A ribbon cutting ceremony at Mission Cheese, a recent loan recipient and a gourmet cheese shop located in the Valencia Corridor, was held to highlight the program's success. "Mission Cheese is a space where the community can come to enjoy and celebrate the abundance of American artisan and farmstead cheese," said owner Sarah Dvorak. "This project would not have been possible without the $25,000 loan from Working Solutions and the Revolving Loan Fund." Mission Cheese has created 5 new jobs and exceeded their first month's projections by 12%.
Working Solutions also provides business coaching, advising and mentoring to all clients, which has led to a 100% repayment rate.
CBS covered the event. Click here to read the article and hear the audio.
Click here for the article in Sing Tao USA.
Click here for the article in World Journal USA.
For the YouTube video, please click here.
For the Mayor of San Francisco's Press Release, please click here.
For the Channel 7 news clip, please click here.
Excerpt from the speech given by Emily Gasner, Executive Director of Working Solutions
Good Morning, I can't think of a more exciting way to kick off Small Business Week than to be here this morning celebrating Mission Cheese. Congratulations Sarah on all your hard work and for achieving your dream. 2 years ago, San Francisco had the vision and leadership to prioritize access to capital for small businesses when it created the San Francisco Revolving Loan Fund. The loan fund has been extremely successful as a catalyst for job creation and investment in the local economy. Mission Cheese in its first few weeks has already created 5 new jobs. And the City Loan Fund overall has resulted in 50 new jobs.
Through the City Loan Fund, Working Solutions has made loans to 27 businesses. The loans were $5,000 to $50,000 in size and we have lent out close to all of the original $680,000 loan funds. 100% of these businesses are repaying their loans. As they do, the funds revolve and become available for other businesses. The businesses used fund for working capital, marketing efforts, to hire employees, produce inventory and more. Businesses that have benefited are Cafes, salons, specialty food and retail in neighborhoods around the city. A few loan recipients like Petit Collage, a children's décor company and 18 Rabbits, a granola company, have been able to over time graduate and successfully access traditional bank loans. I'd like to thank our many community partners, such as San Francisco Small Business Development Center, Small Business Assistance Center, Renaissance Entrepreneurship Center, and Pacific Community Ventures, with which we collaborate to provide services to local businesses.
