Program offers move-in grants, affordable loans, and expert support to reduce vacancies and drive long-term investment along Powell Street and the Moscone corridor

SAN FRANCISCO, April 16, 2026 /PRNewswire/ -- The San Francisco Downtown Development Corporation (DDC), the nonprofit public benefit corporation charged with leading the revitalization of downtown San Francisco, today announced the launch of the Downtown Business Fund, a $25M initiative designed to help businesses open and expand in downtown San Francisco. Led by the DDC, and supported by civic, business, and philanthropic organizations, the fund mobilizes private capital and operational support to help businesses secure space, finance buildouts, and commit to long-term storefront investment in key downtown corridors. Leveraging their experience through Vacant to Vibrant, SF New Deal is joining the DDC as an operating partner through the Downtown Business Fund to support small businesses in accessing the resources and support available. Early supporters include Citizens, Google, JPMorganChase. Gensler has committed to providing pro bono and reduced rate design and architectural support to Downtown Business Fund participants and Cleary Gottlieb Steen & Hamilton LLP provided substantial support as pro bono legal counsel.

The Downtown Business Fund is designed to spur new investment and make it easier for businesses to open or expand in downtown San Francisco. By coordinating grants, affordable loans, an engaged referral network, and expert support in one place, the program creates a "no wrong door" entry point for businesses navigating leasing, financing, design, construction, and launch. The fund will initially focus on priority corridors, including Powell Street between Union Square and Market Street and the Moscone Center corridor along Stockton Street and Fourth Street.

"Downtown San Francisco has always been powered by great businesses and the people behind them," said Shola 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-used community for residents, workers, and visitors."

"Downtown is seeing real momentum, driven by the local businesses that make San Francisco special, and that momentum matters for our entire city's recovery," said Mayor Daniel Lurie. "Today, we are taking a major step forward with the Downtown Business Fund, bringing together public, private, and philanthropic partners to help more businesses open, grow, and stay in downtown San Francisco. This kind of collaboration is what San Francisco needs more of to make our city more vibrant for everyone."

Downtown San Francisco is seeing renewed retail leasing momentum, with activity turning positive after several years of decline. Over the past year, the city absorbed approximately 180,000 square feet of retail space, a clear reversal from the losses seen in 2023 and 2024, as leasing activity accelerates. At the same time, major brands are returning to previously vacated storefronts and new tenants are signing leases across Union Square and Powell Street, signaling growing confidence in downtown's recovery. Powell Street visits are up nearly 20 percent year over year. This momentum reflects downtown's central role in the city's economy, generating 40 percent of the General Fund tax base, supporting 40 percent of jobs, and home to 42 percent of small businesses.

Many qualified businesses, especially small businesses, face challenges securing the right type of financing to activate larger commercial spaces – a gap the Downtown Business Fund is designed to help address while supporting long-term business commitments.

The Downtown Business Fund provides three types of support:

• Move-In Grants: Grants of up to $500,000 to help cover tenant improvements, equipment, working capital, and launch expenses.
• Affordable Capital: Loans ranging from $100,000 to $1M+ with below-market interest rates and flexible terms.
• Expert Support: Hands-on technical assistance for leasing, design, permitting, operations, and growth, with access to pro-bono and reduced-rate legal, design, architectural, technology, and financial readiness from experienced partners.

The program will prioritize businesses that help activate street life and attract visitors to downtown. Existing businesses along priority corridors making significant new investments are also eligible to apply. DDC and SF New Deal will guide businesses through the application process and help connect operators with the right mix of grants, loans, and operational support.

Major financial institutions and philanthropic partners are helping power the initiative through affordable lending and program support:

• Citizens is making available up to $10M in affordable loans, ranging from $100,000 to $1M, alongside philanthropic support for technical assistance and program administration.
• JPMorganChase is also making available up to $10M in discounted interest rate loans to help qualified businesses open, expand, and invest in downtown San Francisco.
• Google is supporting the program with funding through its philanthropic arm Google.org and technical assistance resources designed to help participating businesses grow and adapt in a rapidly changing economy. Google will also host an in-person AI workshop this summer with Main Street Launch, the San Francisco Chamber of Commerce and DDC that's available to San Francisco small businesses. Learn more at g.co/grow/California.
• Gensler is committing 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.

"Small businesses are essential to a strong downtown, and supporting their growth is core to our work at Citizens," said Mark Valentino, Head of Business Banking at Citizens. "This fund reflects our long‑term commitment to San Francisco — helping local businesses access the capital they need to invest, grow and play a meaningful role in the city's continued recovery."

"At JPMorganChase, we believe the American Dream is strengthened when small businesses have the opportunity to start, grow, and thrive," said Ben Walter, CEO of Chase for Business. "Building on our efforts to support 10 million small businesses, we are supporting San Francisco's entrepreneurs by expanding access to capital and expertise, strengthening commercial corridors, and helping local businesses grow. Together, we can help create more resilient neighborhoods and a more prosperous city."

"Three years ago, we launched Vacant to Vibrant to bring small businesses Downtown and give them the support they need to succeed," said Simon Bertrang, Executive Director of SF New Deal. "Today, with the Downtown Business Fund, we're building on that momentum—delivering unprecedented support to the diverse small businesses shaping San Francisco's next chapter."

"Google is proud to support this critical effort to strengthen the economic future of San Francisco – a city we've called home since 2007," said Maggie Johnson, Global Head of Google.org at Google. "Small businesses are the heartbeat of this city, and we are dedicated to providing the resources needed to help these entrepreneurs thrive. Empowering local businesses to open and expand along these key corridors is essential to ensuring downtown remains a vibrant, resilient destination for everyone."

"By pairing a creative design ethos with bold, innovative businesses, we can help reenergize downtown, attracting both locals and visitors, and remind people why San Francisco is such a special place to be. This work builds on our continuing commitment to downtown revitalization and supporting San Francisco as a global capital that leads the way with what comes next," said Ben Tranel, Co‑Managing Director of Gensler's San Francisco office.

Together, the partners aim to demonstrate how coordinated investment can help cities reduce storefront vacancies, attract new businesses, and accelerate downtown's next chapter.

How to Apply
Applications for the Downtown Business Fund are open today, [April 16th]. Eligible businesses can apply for move-in grants, affordable loans, and technical assistance to open or expand along the Powell Street and Moscone Center corridors here. Applications will be considered and selected on a rolling basis while funds last.

The launch of the fund builds on broader momentum led by DDC. Since its launch last year, the DDC has secured more than $60M in commitments from philanthropic, corporate, and individual partners, including Google, Ripple, Thoma Bravo, Amazon, and OpenAI, to improve street safety and conditions, support small businesses, and activate public spaces across downtown.

About the San Francisco Downtown Development Corporation:
The DDC is a nonprofit public benefit corporation formed to revitalize and reimagine downtown San Francisco. Led by a coalition of business, labor, and philanthropic leaders and working in close coordination with the City, the DDC brings together private investment, civic leadership, and cross-sector coordination to create a more vibrant, resilient, and inclusive downtown.

About SF New Deal
SF New Deal designs bold, community-rooted programs that meet both the urgent and long-term needs of San Francisco's under-resourced small businesses, always shaped by the culture and character of each unique community.

By working alongside small businesses and the neighborhoods they serve, we help create a more vibrant, equitable, and resilient San Francisco. Since its founding in March 2020, SF New Deal has implemented 30+ programs and deployed $58 million to 2,000+ diverse small businesses citywide. Learn more at sfnewdeal.org.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

About Gensler
At Gensler, the value of our work stems from its positive impact on the human experience. We are a dynamic and collaborative design firm uniting creativity, research, and innovation to solve complex problems for our clients. Our work challenges conventional ideas about architecture and the built environment. We aren't just designing buildings — we are reimagining cities and places that make a difference in people's lives. Founded in 1965, Gensler has built a team of 6,000 professionals who partner with clients in over 100 countries each year. Everything we do is guided by our mission: to create a better world through the power of design.

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SOURCE San Francisco Downtown Development Corporation (DDC)