SAN FRANCISCO (KGO) -- We are just now beginning to understand the repercussions the APEC Summit had on small businesses near Moscone Center. The Budget Finance Committee at City Hall heard from some of them with hard numbers in terms of losses.
Many small businesses near Moscone Center believed APEC would deliver substantial gains for them. We now know it had the opposite results.
One by one they spoke of the impact the event had on their businesses as San Francisco supervisors listened.
"We lost close to $30,000 being closed during that time," said Paige Scott of the Yerba Buena Ice Skating and Bowling Center.
Manuel Ramirez owns Bonchon Korean Fried Chicken.
"For two days of the middle of the convention, we made for the entire day what we do in one peak hour of a weekend operation," Ramirez said.
Here's what we know, according to a report from the Yerba Buena Community Benefit District.
All 13 hotels in that neighborhood did very well.
"APEC instigated a lot of good opportunities," said Scott Rowitz of the Yerba Buena Community Benefit District.
But the vast majority of the 113 restaurants and cafes had poor results because the number of visitors to that neighborhood was down by more than 33%.
On average, the revenue from small businesses was down by more than 64%.
Some of them complained that the secret service in charge of security misled both the city and businesses.
"As APEC started to step in, we anticipated a three-day heavy closure with a little set-up, it was much larger than expected. It really became a 10-day shutdown for the entire neighborhood," Rowitz said.
Hurting them even more was the constant advice to downtown workers to stay home for fear of traffic jams and disruptions.
"Like that had trickled into every corner of the downtown and the city in general and it had a tremendous impact," said Supervisor Ahsha Safai who is part of that committee.
In anticipation of the impact APEC would have on the neighborhood, the Board of Supervisors passed a resolution to set aside $10 million in a reserve fund.
It has yet to be determined how much compensation these affected businesses will receive.
"We have precedent for going up to $50,000 per business. I think that's a good goal. The businesses would have to produce financial losses. We've done that in the past with rent relief and other opportunities," Safai said.
Businesses say any action should be taken sooner than later.
If you're on the ABC7 News app, click here to watch live