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Financing Your Business

Financing is available for local businesses both large and small. Resources include small business loans and economic development revenue in the form of the issuance of industrial development and nonprofit bonds:

Small Business Loans - Revolving Loan Funds

The San Diego Regional Revolving Loan Fund (SDRRLF) and Small Business Micro Revolving Loan Fund (SBMRLF) offer financial assistance to small to mid-size business owners with expanding businesses that require capital, but are unable to meet the terms of traditional banks. The Revolving Loan funds can supplement private financing of new or rehabilitated buildings, fixed machinery and equipment, working capital and soft costs. The "gap financing" program ranges from $25,000 to $150,000 in the SBMRLF and $150,000 to $500,000 in the SDRRLF. The loan program covers businesses in the cities of San Diego and Chula Vista. Through careful screening of loan applicants and creative loan structuring, the program can get business owners closer to their goal.

Application Process

Following the submission of a completed application, a turnaround time of 90 days to funding can be expected if all elements of the project are in place. The estimated process is as follows:

  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

Economic Development Revenue

The City facilitates financing for various private business capital expansion projects eligible for tax-exempt, conduit revenue, private activity bonds where a significant economic development impact can be created.