In response to the ongoing credit crisis, Mayor Gavin Newsom announced that TMC Development Working Solutions (Working Solutions) has been selected to work with the City and County of San Francisco to administer the city's new Small Business Revolving Loan Fund (RLF). RLF microloans will be available starting April 15!

The RLF will provide microloans of up to $50,000 to small businesses operating in San Francisco that create and retain jobs for low-to-moderate income San Francisco residents. RLF microloan interest rates will range from 4% to 6% with a loan term not to exceed 5 years. A total of $800,000 in Federal funds will be given to Working Solutions to administer the program over the next two years, with the possibility of additional Federal funds being added. In addition, Working Solutions plans to leverage the city's funds with up to $1 million in private capital.

For more information, contact a Working Solutions representative at 415-655-5472 or visit the Working Solutions website http://www.tmcworkingsolutions.org/. Working Solutions plans to offer Chinese and Spanish language capacity.

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