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Small Business Loans in San Diego

What financing options exist for small businesses in the U.S.’s most temperate metropolitan area? Learn what loans are available and which ones might be the best for your business.


Business Loans in San Diego Made For Your Business

Most people associate San Diego with beautiful beaches and perfect weather. However, the city also offers ample opportunities for entrepreneurs, thanks to its strong economy and diverse population. If you’d like to turn your dream of building a San Diego business into a reality, small business loans should be on your radar.

Types of Business Loans in San Diego

There are plenty of small business loans in San Diego. To find the ideal options, shop around and explore the pros and cons of each one. Some of the most popular business financing solutions include the following. 

SBA Loans

Compared to other loan types of business loans, SBA loans come with competitive rates and lengthy repayment terms. With the SBA 7(a) loan, you may secure up to $5 million in funding with terms of up to 25 years. It can help with a variety of expenses, like equipment, working capital, and commercial real estate. 

Line of Credit

A line of credit is a revolving loan, meaning you can borrow as much or as little as you’d like, up to a set credit limit. This limit is typically based on your credit score. Fortunately, you’ll only pay interest on the amount you withdraw, rather than the total amount you’re approved for. 

Term Loan

Term loans are traditional business loans. If you take one out, you’ll receive a lump sum of money up front. You’ll pay it back over time via fixed monthly payments. Most lenders offer repayment terms ranging from one year to ten years. 

Equipment Finance

There’s a good chance your business depends on equipment, like computers, tractors, or ovens, to run smoothly. An equipment loan can be worthwhile if you’d like to purchase new or used equipment, as you may finance between 80% and 100% of its total cost. 

Accounts Receivable Financing

If your customers take a while to pay your invoices, accounts receivable financing might be a smart choice. You can sell your outstanding invoices to a company in exchange for fast cash. Most lenders will approve you right away, regardless of your credit score.

San Diego Business Loan Options

Several local organizations provide small business funding resources in San Diego.

San Diego County Credit Union is a good place to go for commercial real estate loans. You may lock in a competitive rate and flexible terms of up to 10 years.

California Southern Small Business Development Corporation, which has relationships with more than 40 banks and lending institutions is another place to explore for small business loans.

In addition, the City of San Diego provides gap loans to small and medium-sized businesses who can’t qualify for traditional loans.

How to apply for a small business loan

STEP
1
Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

STEP
2
Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

STEP
3
Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

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FAQs About Small Business Loans in San Diego

The South County Economic Development Council’s website is full of useful tools and resources for small business owners in San Diego. Here, you can learn about local and state-based incentives, how to find and retain talent, and more. The City of San Diego has also created a San Diego Startup Ecosystem map you can use to find incubators, accelerators, and co-working spaces. For networking and marketing opportunities, you can’t go wrong with the San Diego Regional Chamber of Commerce. Additionally, CalGold can help you discover which state-level permits you need to operate legally. 

  

If you’re still coping with losses from COVID-19, you may be eligible for the Business Stimulus Grant Program from the county. You must have no more than 20 employees and be headquartered and operating in San Diego. If you’re a microbusiness with five or less employees and with less than $50,000 in gross revenue, the County of San Diego offers the Microbusiness COVID-19 Relief Grant Program to help your business recover from the pandemic. In addition, if your business is based in Escondido and suffers from financial hardship due to COVID-19, you may be eligible for a grant of up to $15,000 to help you pay rent, make payroll, improve your business space, or purchase protective equipment.

 

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