- Incentive Website
- Incentive Status: Active
- Application Due Date: Ongoing
Program offers "gap financing" to support expanding small & mid-sized enterprises (SMEs) unable to meet the terms of traditional banks. City works with traditional and nontraditional lenders to assist business owners finance projects to grow the company and retain and/or create new jobs in the City of San Diego and the City of Chula Vista. Use of funds includes: working capital and soft costs; acquisition of fixed machinery and equipment; and/or supplement private financing for acquisition of new or rehabilitated buildings.
for more information email us at email@example.com or call 619-236-6700
Do I Qualify?
- 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
- Loan Sizes:
- $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
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:
- Loan officer site visit
- Initial overview presentation to advisory-board representatives
- Completion of financial due diligence
- Completion of full credit memorandum
- Final presentation of applicant's request to advisory board representatives
- Applicant receives commitment letter
- Funding of initial disbursement 30 days following City's receipt of signed commitment letter and all required submissions
For more information visit our website or call 619-236-6700. You can send us an email using form below.