8legs: Powell street, usa

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$25 million downtown business fund unveiled

A new $25 million Downtown Business Fund was announced to help downtown San Francisco firms open, expand and invest.
The initiative is privately funded and partners include JPMorgan Chase, Google, Citizens Financial Group and Gensler.
Move-in grants of up to $500,000 and discounted services will aid tenant improvements and operations.
Powell Street and nearby corridors are the initial focus to revive street life and commerce in the CBD.
Mayor Daniel Lurie framed the project as a multi-sector collaboration to rebuild downtown.
The initiative follows a period of office vacancy and reduced downtown activity, with signs of retail and leasing recovery.
The fund will leverage philanthropic commitments and technical assistance to support recipients.
The program is connected to Vacant to Vibrant and aims to fill storefronts with active businesses.
Private donors will provide up to $10 million in discounted loans and technical support through JPMorgan Chase and Google.
The fund will also offer move-in grants and pro bono design and legal services to participants.
San Francisco Downtown Development Corporation CEO Shola Olatoye led the announcement.

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