Financing Your Business

The Business Finance Loan Program provides gap financing assistance to the owners of expanding small and medium enterprises that are unable to meet the terms of traditional banks. The program provides loans ranging from $25,000 - $500,000.

Eligibility Requirements

  • Operate in the City of San Diego or Chula Vista
  • Create new employment opportunities
  • Secure additional financing to complete project
  • Demonstrate credit worthiness and the ability to repay the loan

Financing

  • Loan Size:

    • $25,000 to $150,000 Small Business Micro Revolving Loan Fund (up to 50% of need)
    • $150,000 to $500,000 San Diego Regional Revolving Loan Fund (up to 33% of need)
  • Loan Terms: 3-7 Years
  • Interest Rate: 8% Floor

Eligible Uses of Loan Funds

  • Working capital and soft costs
  • Acquisition of fixed machinery and equipment
  • Supplement private financing for the acquisition of new or rehabilitated buildings

Application Process

The Loan Applicant Screening Tool allows business owners to determine if they are eligible to apply.

If eligible to apply, once a completed loan application is submitted, then the following steps occur generally over 90 days:

  1. Loan officer site visit
  2. Initial overview presentation to advisory-board representatives
  3. Completion of financial due diligence
  4. Completion of full credit memorandum
  5. Final presentation of applicant's request to advisory board representatives
  6. Applicant receives commitment letter
  7. Funding of initial disbursement 30 days following City's receipt of signed commitment letter and all required submissions

PDF icon Business Finance Loan Application & Application Checklist