Micro-LBE Emergency Loan Program
The Port Micro-LBE Hardship Emergency Loan Program is a zero-interest loan program that was developed in collaboration with the Port and service provider Main Street Launch. The Port recognizes the value of a diverse and local contracting community and is dedicating $1 million in the program for loans up to $25,000 each to eligible Port contractors, subcontractors, subconsultants or tenants.
APPLICATION PERIOD HAS CLOSED
Eligible contractors must be Port Prime Contractors, subcontractors, suppliers or tenants who are certified Micro-LBEs with the City and County of San Francisco.
- Be an existing business located in the City of San Francisco (SF Business address)
- Be a for-profit business in good standing
- Have total annual revenues under $2.5 million in 2019
- Have a valid San Francisco Business License
- Be free of any city/county tax liens or judgments
- Have a business bank account
- Demonstrate a 25% drop in revenues since January 1, 2020
- Be a Port of San Francisco contractor, subcontractor or tenant
- Loan amounts up to $25,000 for eligible Micro-LBEs, as described above
- Five year (60 month) repayment term with the first regular payment due the first day of the month six months after the loan was disbursed
- Zero percent (0%) interest
- No prepayment penalty
- Loan balance forgiveness options
- Upon repayment of fifty percent (50%) of the loan within the first two years of disbursement, outstanding balance will be forgiven
- Upon repayment of seventy-five percent (75%) of the loan within the first three years of disbursement, outstanding balance will be forgiven
- Port tenants cannot use rent due to Port as an eligible business expense
Application and Process
- Inquiry Application: Interested and eligible Micro-LBEs must complete a short application by December 23, 2020 at 11:59 PM (PST).
- Main Street Launch, the service provider, will conduct a lottery to determine the first group of applicants to complete the full application.
- Lottery winners will be notified. These firms are required to complete an application with additional submittals for loan underwriting and approval.