Small Business Micro Revolving Loan Fund (SBMRLF)

• General Information
• Eligibility
• Financing
• Contact Information

General Information

The City of San Diego matched a $750,000 grant from the Economic Development Administration (EDA) to develop the Small Business Micro Revolving Loan Fund.  The $1.5 million fund operates in targeted areas of San Diego to provide small business assistance.

The Small Business Micro Revolving Loan Fund is designed to improve economically distressed areas, increase the numbers and level of business operations, and subsequently increase incomes and earning capacities. Helping to stimulate economic growth, the program offers financial assistance to expanding businesses. The Small Business Micro RLF can supplement private financing of new or rehabilitated buildings, fixed machinery and equipment, working capital and soft costs in the RLF project area. The project area is defined as eligible census tracts in the City of San Diego.

Eligibility

To be eligible for assistance under the Small Business Micro Revolving Loan Fund, a business must:

• Be located in an eligible project area census tract. The project area is defined by census tracts that fall into areas of eligibility defined by the EDA.
• Create new employment opportunities.
• Have firm financial commitments for other components of the project to be financed.
• Be willing to comply with all regulations, guidelines, policies, and requirements, as they relate to the program.
• Demonstrate that financing is not otherwise available on terms or conditions that would permit completion and/or the successful operation or accomplishment of the project activities to be financed.
• Demonstrate credit worthiness and the ability to repay the loan.

Financing

• Loan Size: Minimum loan of $25,000, maximum loan of $150,000.
• Loan Terms: Loans will be direct loans fully amortized over three to seven years.
• Interest Rates: Rates will be fixed and will generally be Prime Rate Plus 2% or 3%.

Contact Information

• For more detailed information on the Small Business Micro Revolving Loan Fund, contact the City of San Diego's City Planning & Community Investment Department at (619) 236-6323 or via e-mail.