Federal Loans Offered for Merchants Recovering from Mission Street Fire

colesvalerie

There’s some encouraging news for merchants working to rebuild their businesses after last June’s devastating Cole Hardware fire — and the customers who  miss them.

In addition to the $10,000 grant each business has already received from the City, the federal government’s Small Business Administration is also offering low-interest disaster-relief loans to help shuttered businesses reopen.

Joe Fitzgerald Rodriguez from the San Francisco Examiner reports:

The U.S. Small Business Administration on Wednesday declared the five-alarm fire June 28 at Mission and 29th streets, which displaced at least seven businesses and 40 residents and families, a “disaster” in response to a request from the Governor’s Office of Emergency Services.

The declaration, also urged by the Mayor’s Office of Economic and Workforce Development, is a special status allowing the Small Business Administration to make federal assistance available.

That assistance comes in the form of disaster loans, allowing the businesses affected by the blaze up to $2 million to replace or repair damaged or destroyed real estate, machinery, equipment or other business assets.

The Mayor’s Office is coordinating with Keane’s 3300 Club, El Gran Taco Loco, Playa Azul Seafood, Coronitas, the Front Porch, and Harvest Shop to access available funds.

The families and individuals displaced from a nearby apartment building and the Graywood Hotel, a single-room occupancy hotel, will be able to take out $40,000 loans for damaged or destroyed personal property.

Though these are loans and not grants, “certainly any additional capital they have access to will give them ability to get going again sooner,” said Bijan Karimi, assistant deputy director of the San Francisco Department of Emergency Management.

PHOTO: Former site of Cole Hardware, July 16, 2016, photographed by Neighbor Valerie

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