$25 million Downtown Business Fund launched offering grants, loans and expert support to entrepreneurs for revitalizing San Francisco Downtown

SAN FRANCISCO — Mayor Daniel Lurie joined the nonprofit San Francisco Downtown Development Corporation (SFDDC) to launch a $25 million Downtown Business Fund. This fund offers grants, loans and professional support to entrepreneurs interested in filling vacant storefronts to revitalize downtown San Francisco.

The SFDDC was established in April 2025 under a directive from the newly-elected Lurie at the time to form a nonprofit public benefit corporation. Its goal was to enhance long-term collaborations between civic, business, and philanthropic partners to revitalize San Francisco Downtown, which has faced a high percentage of vacant storefronts and offices in recent years.

In September 2025, Shola Olatoye, a housing and community development leader who previously served in Oakland and New York City, was appointed as the SFDDC's inaugural Chief Executive Officer (CEO).

One year after the SFDDC was formed on April 15, 2026, Lurie, Olatoye and participating SFDDC partners held a joint press conference at Union Square to launch the Downtown Business Fund and invite entrepreneurs to open businesses at vacant storefronts in San Francisco Downtown.

The $25 million fund is specifically designed to motivate businesses to fill the vacant storefronts, prioritizing two corridors in the Downtown area, Powell Street/Union Square and 4th Street/Moscone Center.

The Downtown Business Fund provides three types of support, move-in grants, affordable loans, and professional support for new businesses coming to Downtown San Francisco.

The move-in grants will offer up to $500,000 per business to help cover tenant improvements, equipment, working capital, and launch expenses.

Capital loans range from $100,000 to $1 million, offering below-market interest rates and flexible terms.

Citizens will offer loans totaling up to $10 million, with individual loans ranging from $100,000 to $1 million.

JP Morgan Chase will also provide loans up to $10 million in total.

Google supports the program with funding from its philanthropic arm, Google.org, and technical assistance resources.

Expert and professional hands-on support will be offered to businesses for leasing, design, permitting, operations, and growth on pro-bono or reduced-rate.

Gensler, a global architecture, design and planning firm, is committed to offering pro-bono design services to help businesses in the program create spaces that reflect their brands, deliver on their aspirations, create memorable experiences for their customers, and revitalize Downtown, according to SFDDC.

"Downtown is gaining real momentum driven by the local businesses that make San Francisco special and that momentum matters to the whole city," Lurie said in the press conference alongside Olatoye and SFDDC’s business partners.

"The revenue generated downtown supports hundreds of thousands of jobs and the city services all San Franciscans rely on every single day," said Lurie. "Today we are taking a major step forward in that work with the Downtown Business Fund."

Lurie said too many businesses have faced barriers when trying to open or expand downtown due to inaccessibility to capital funds, high leasing costs, and a complex permitting process in the city. "These challenges can slow or stop even the most motivated and promising entrepreneurs."

San Francisco's downtown is still full of empty storefronts. Lurie said Downtown retail leasing activity has turned positive after years of decline and the Downtown has been on the rise.

"Over the past year, we have seen a net gain in occupied retail space. Major brands are turning to storefronts and new businesses are signing leases across Powell Street and right here in Union Square," Lurie said. "Foot traffic is up nearly 20% year over year, and today's announcement helps us put the foot on the accelerator."

“Downtown San Francisco has always been powered by great businesses and the people behind them,” said Olatoye, CEO of the San Francisco Downtown Development Corporation. “Nearly 40% of San Francisco’s small businesses are located downtown. When they thrive, they bring jobs, and energy to our streets."

"The Downtown Business Fund is about helping more of those entrepreneurs and operators open their doors downtown and be part of building a vibrant mixed-use community for residents, workers, and visitors,” Olatoye added.

The Downtown Business Fund officially opened for applications on April 16, 2026. Applications will be considered and selected on a rolling basis while funds last. More information about the Downtown Business Fund can be found: https://sfddc.org/program/downtown-business-fund/