SAN FRANCISCO (KCBS) — San Francisco Mayor Ed Lee announced Tuesday an initiative to allocate an increase in funds for small businesses and for neighborhood commercial corridors.

Called the “Invest In Neighborhoods Initiative,” the plan is part of the $7 billion budget Lee is due to present later Friday.

The plan, unveiled in the Little Saigon section of the Tenderloin, allocates $4 million in the next city budget for the small business loan fund and $1.5 million in grants and funding for neighborhood commercial corridors throughout the city. It is more than double the investment in years past.

KCBS’ Anna Duckworth Reports:

Lee said its part of his campaign plan to create jobs and promote growth in San Francisco.

Kathy Pham, co-owner of Little Saigon’s Turtle Tower Restaurant, explained how the funding can help her business grow. She said in 2013, her restaurant plans to expand to a location about three doors down.

“There won’t be any problem waiting in the rain or in the sun. We’ll have perfect coverage and shelter for everyone,” Pham said.

The mayor said that’s exactly the type of expansion that these types of loans are for.

Lee is set to announce more initiatives later this week.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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