SF Launches $25M Fund to Fill Downtown Storefronts

Mayor Daniel Lurie and a coalition of corporate and nonprofit partners unveiled the Downtown Business Fund on Thursday — a $25 million initiative combining grants, discounted loans, and pro bono services designed to get entrepreneurs into the city's empty storefronts. The announcement, staged in Union Square with leaders from JPMorgan Chase, Citizens Bank, Google, and Gensler, arrives as downtown's recovery metrics flash positive for the first time since before the pandemic — but with the mayor himself warning the gains are fragile.

• $25 million Downtown Business Fund launched to help businesses open and expand in downtown San Francisco, backed by JPMorgan Chase, Citizens Bank, Google, and Gensler
• Downtown retail leasing hit its strongest quarter since 2017, with foot traffic up nearly 20% year over year and net positive retailer entry for the first time since 2019
• Two priority corridors identified: Powell Street between Union Square and Market Street, and the Moscone Corridor along Stockton and Fourth streets
• SF New Deal tapped as operating partner, building on three years and 30+ storefronts opened through the Vacant to Vibrant program

The basics: The Downtown Business Fund bundles three types of support into a single coordinated pipeline: working capital grants of up to $500,000 for entrepreneurs, discounted loans from two major banks, and technical assistance including free architectural design and digital skills training. The Downtown Development Corporation, the quasi-public entity overseeing downtown revitalization, will administer the fund with SF New Deal — the nonprofit behind the Vacant to Vibrant storefront activation program — as the operating partner.