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.
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
SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.
Line of credit
Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.
Term loan
Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.
Equipment finance
With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.
Accounts receivable financing
Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.
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.
Four simple steps to funding.
Tell us about your business.
Answer a few simple questions and complete the application in minutes.
Submit your application.
We’ll present your application to our marketplace 100+ lenders. Applying is free and won’t impact your credit score.
Compare offers.
Find the funding option with the terms that best fit your small business goals.
Get funded.
Once you accept, funding can hit your bank account in as little as 24 hours.
Speak with a San Diego representative.
FAQs
TheSouth 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, CalGoldcan 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.
Ready for funding?
See what you can qualify for on the Lendio Marketplace.