Today, OBDC Small Business Finance, a nonprofit community development financial institution (CDFI), announced that they closed their 100th loan in the City of San Francisco in the last five years. The 100th loan was made to Scrappy, a pet snack manufacturer headquartered in the Glen Park neighborhood of San Francisco who received $50,000. Larry Bain, owner Scrappy says, “Our small loan from OBDC enabled us to make some big steps in growing our company: money for our farmers to secure our supply and their revenue stream, money for our Sales team to give them the support they need to meet their ambitious goals, and money in the bank to give us some security in those dark nights of start-up angst.”
OBDC is proud to work closely with municipal governments to address economic development priorities and the needs of small businesses. In 2013, OBDC took this model to San Francisco, partnering with the Office of Economic and Workforce Development (OEWD) to offer small business lending services to entrepreneurs operating in San Francisco. OBDC manages the City’s Emerging Business Loan Fund (EBLF), a part of Mayor Lee’s commitment to supporting small businesses through his 17-Point economic plan to create jobs and opportunity for people in every San Francisco neighborhood, offering loans ranging from $25,000 to $250,000 to qualifying commercial projects. The purpose of the Emerging Business Loan Fund is to originate commercial loans that support high impact businesses and projects with the potential to increase economic activity in San Francisco as well as create jobs for low-to-moderate income individuals.
“Providing loans to small businesses in San Francisco is an investment in our future and the vitality of our neighborhoods. Small businesses are the heart of our economy, and these loans help small businesses to start, stay, and grow in San Francisco. Congratulations to OBDC’s 100th San Francisco loan,” says Joaquin Torres, Deputy Director of the Office of Economic and Workforce Development.
Read more: Business Wire (press release) OBDC Small Business Finance Deploys $8.7 Million to Small …