>> good morning, everyone. thanks for joining us. i am the director of the mayor's office of economic and airport development, and i'm delighted to welcome you here as we announced the recapitalization of the city's small business revolving loan fund. we are recapitalizing this bond with $1.5 million, thanks to a partnership between the city and wells fargo, and working with working solutions as our community lender. without further ado, will introduce the merit to describe these resources available for

small businesses. >> thank you, jennifer. thank you for all your hard work. welcome to brenda's. i want to thank and knowledge board president and district supervisor david chiu for joining us this morning. scott wiener, of course, as well. for some time now, as mayor of the city, interim and elected, these two supervisors have been talking to me about the support we need to give to our small businesses. i know much of my leadership so far has been around our technology companies, and that is great. as you know, we were down even further on the unemployment rate, due in large part, to the hiring that our technology companies are giving us. we are at 7.6% unemployment, and

that is fantastic, but we have always made a strong support to our local small businesses. that is why i have been working closely with the small business commission. i know the directors and commissioners here today, in concert with our supervisors, we wanted to announce, as jennifer indicated, a real enhancement. i would like to establish another $5 million in small- business loan programs. we need some immediate help. the very successful rebel and bond loan program and our office has been administering with working solutions for the past two years has been so successful, we drive up on the funds. we got over $740,000 in small- business loans to over 27 small businesses.

they have hired over 73 people on a sustained basis. the success of that program has resonated with us, and that is why, during this campaign, and also during this period of time, the last time we made a commitment to revitalize this loan program. we are stepping up and announcing today, with the help of wells fargo bank, joining us with our money to do a public- private relationship, continuing a very successful effort of working solutions to lead this effort. we are announcing it today at a very successful business, brenda's, introducing to the board and $1.5 million revolving loan program as the first part of our way to the $5 million. i know it is good news, but something we have to do. we need to replenish this program. the city will put up $1 million.

the other $430,000 will come from wells fargo, with their target to be the southeast corridor, a san bruno, our mission, third street corridor, and the likes. they have always been very strong in helping out distressed areas. those are distressed areas. they have historically been. i want to personally thank wells fargo for putting up this money and joining us in this effort to focus on our small businesses. it has been part of their tradition to help out. they have always done so, but they have taken the opportunity to join us. when brenda located herself here back in 2005 -- 2007, i

believe, i think we won the playoff game, even as early as back then. we had her locate here, and it has been prodded ever since she came. this is the type of small businesses want to keep on supporting, but also to mixture that we want to create these opportunities all over commercial corridors throughout the city. that is what the business commission has indicated we should do, the success of our working solutions. at is what scott once in the castro, when david wants on polk street, and in the other areas as well. i wanted to announce today, as part of another early your

initiative, so that we compliment the support and work we are doing with the tech companies and also giving our support to the small businesses. they are the backbone of our city and we need these store fronts that are vacant eliminated. i know this program will work. it will work because it is done and led by those small businesses we have been asking to advise us, and in fact, there has not been a failed loan in this program for all this time. all of these loans have been successful. i think we have already been paid back to the tune of $250,000 with the success of these programs. so with that, jennifer, thank

you. this is a good announcement, consistent with everything we are doing to activate and not be sitting back while our economy tries to make sure we get a full recovery. [applause] >> i would like to introduce board president david chu, followed by scott wiener, two of the strong supporters of small business on the board today. >> thank you, jennifer. i wanted to come here for a couple of reasons. i made a resolution this new year's to go to the gym a little bit, in part, because of brenda's and all the food i have eaten here. also as a resident of pulp street, this establishment has been an anchor for what we are trying to do all up and down polk street. as we bring ourselves out of the great recession, what happens to small businesses will have to drive our economic success. last year, on the campaign

trail, many of the candidates talk about the importance of recapitalizing this loan program. i know this has been a huge concern ever since i served on the small business commission. small businesses all over the city have been clamoring for help that has not been provided by financial institutions. i want to thank wells fargo for your leadership. they understand the issues that our city has, certainly in the southeast neighborhoods where we have had a record number of foreclosures, in part, driven by the lack of small businesses and the ability to get loans. many of us that the board of supervisors want to ensure this program gets as big as possible. i want to thank the mayor for your commitment. i hope in the term we are serving together, we figure out how to surpass the $5 million number. if we look to get this through the board as quickly as possible and eating many more soul food breakfasts at places

like brenda's. [applause] >> thank you. the last time i was at an event for the revolving loan fund was in my district at a place called mission cheese. it is a very successful small business and i understand it is repaying its loan. this is one of those programs where you can invest a small amount of money and get a big bang for your buck. i also want to compliment the mayor and the full board. lots of time you hear politicians talk about helping small business, creating work force housing, repaving our road, but one of the hallmarks of this mayor and board is we do not just talk about these things and give speeches, we are actually doing these things, creating a fund, and investing

in our businesses. i know we would keep on doing this work and we will make this program a huge success. thank you. [applause] >> i would like to know introduced tracy curtis, a san francisco regional president of wells fargo. wells fargo worked closely with our office, in coordinating the dollars, so we could have one coherent loan fund, which leverages the dollars that we are talking about introducing today, with their what -- and the wells fargo money. the business technical assistance provided by working solutions has helped. we feel this is a true partnership. it is not just two pots of money we are announcing today. >> first of all, thank you. i want to thank the mayor and supervises for being here today

and to celebrate the revitalization of this loan fund. in case you did not know, wells fargo is 160 years old this week. we are still the largest and oldest financial company here in the city. san francisco has special meaning for us. i have to tell you, i was at the mayor's inauguration and he said he would never stop using the words job and job creation. that is what this is about today. we have given $431,000 to the revolving loan fund at below market rate. for 160 years, we have helped businesses thrive, through the gold rush days, through the technology boom, and now through the economic recovery, especially here in the bay area. we know when we revitalizes small businesses, we create jobs. and that is what we need here. that is what this partnership is

all about. if we do not have successful communities, we know we cannot be a successful corporation. it is with great pleasure that wells fargo partners with the city. we are also good partners with working solutions, have done many things with them. we are so happy they are involved in this partnership. we, at wells fargo dedicated to partner with the city of san francisco to make this once again the thriving community that it has always been. again, thank you for being here today. [applause] >> finally, i want to introduce the executive director of working solutions, along with -- where is brenda? the owner of the restaurant, who i think will be coming forward. >> good morning, such a pleasure

to be here. i want to thank you, mayor lee, pa your leadership in prioritizing access to capital for small businesses, which is so crucial. i also want to think board president david chiu and scott wiener for your of leadership, as well, the board of supervisors, for continuing to part by small business needs. two years ago, working solutions was chosen to administer the city's role of the loan fund and we have successfully lent out those dollars. $665,000 lent out to 27 businesses. the result is 16 new businesses were created and 11 existing businesses were expanded. 74 jobs were created, and even five of these businesses went on to later graduate and be able to get some bank financing totaling $500,000 combined. we are so thrilled to hear about the recapitalization of the loan fund, with $1.5 million.

this is such a thrill for us because working solutions is all about getting access to capital to the businesses that need it the most, so they can create jobs and thrive. we are excited to build on the momentum we built over the last two years for this loan fund. wells fargo, i want to knowledge. we have a partner with them for over 12 years. it is so exciting to have to be an investor in this fund and setting aside funds specifically for the southeast sector, where funds are so well needed. partners are truly the key to the success of the revolving loan fund and have been thus far. we really want to talk about how important that will be, going forward. i wanted to acknowledge the small business commission, renaissance entrepreneurship center, who recommended brenda's to us, as well as the office of

workforce development. thank you for your partnership and all that you do to support small businesses. finally, i wanted to congratulate brenda and libby, the owners of this fine establishment. you are such a shining example of small business success. i was just talking to brenda and she told me, since she received a loan from working solutions, she has doubled her number of employees, 24. the restaurant is truly a cornerstone of this neighborhood, and personally, it is one of my favorite restaurants. this is where i come to celebrate birthdays, family occasions, and working solutions even came here to celebrate the holidays. when you come here, everything is top notch, from the broiled oysters appetizer, grew to the deserts, which are amazing. there is no describing