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Small business assistance

Small Business Loans in Southern California

Small Business Assistance Tool

Use this helpful online tool to find assistance for starting, growing and accelerating your business.

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Looking for Grants?

Business Grants

SBA Economic Injury Disaster Loans

The Economic Injury Disaster Loans (EIDL) from the U.S. Small Business Administration help small businesses, small agricultural cooperatives, and most private nonprofit organizations in disaster-declared areas recover from substantial economic harm.

Eligible businesses can receive up to $2 million to cover working capital and normal operational expenses. The loans have flexible terms, including interest rates not exceeding 4% and repayments terms up to 30 years.

Available through Dec. 24, 2024
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Visit SBA TO APPLY

Training Opportunity

Grow Your Business With SCALE

Discover the resources and training you need to start, grow, and thrive. The SCALE program by CalOSBA equips California’s diverse small businesses for success with tailored support, funding opportunities, and expert guidance.

Learn More About SCALESCALE Logo for Capital Access program for small businesses
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WHAT DO I NEED TO DO TO PREPARE FOR A SMALL BUSINESS LOAN?

Great Advice From Our Micro-Lenders

  • Be prepared to justify your income and expense projections; be able to show that the income is based on X number of units or services sold over a period of time for each month, i.e. you are open 300 hours a month and expect to sell an average of 20 units every hour with an average price of $10.00. What are the costs based on? Include details such as hours of opening, cost of raw materials, rate of pay?

  • If you are a new business, expect to show you have funds to contribute to the project and support your personal income needs.

  • Check your personal credit score, use an online service to be sure there are no surprises. Pay down revolving debt to 30% or below the maximum allowed to maximize our credit score presentation.

  • Have your accountant look over your internal bookkeeping to be sure it is correct.

- Stacey Sanchez, Senior Community Loan Officer for CDC Small Business Finance

  • Monitor your personal credit by paying bills on time, not having more than 3 inquiries in 6 months, and keeping credit card utilization at 30% or below. Lenders require a personal guaranty and your personal credit is important to be eligible for a loan.

  • Save money before your start your business so you can show you have capital to invest if needed. Lenders don’t like to take 100% of the risk, they want to know you have “skin in the game.” Carry a cash reserve so you can use your money to get more money.

  • Keep good records for your business transactions using an accounting software like QuickBooks so you can print a Balance Sheet and Income Statement when you need it. Also, understanding what happened earlier, can help you forecast for the future and prepare for it. If you foresee that you will need funds during the holiday season, you can start the process now and not when your funds are depleted.

  • If you are a startup, draft a business plan to include a description of the business, your experience & knowledge of the industry, a detail of the business capital needs, a marketing plan, and the financial projections. Some lenders require a business plan for young businesses as well.

  • File your taxes timely, most lenders will ask for 2 most recent tax returns (personal and business) and might reject your application if you have not filed them.

– Rosalinda Delgado, Business, Development Manager for Accessity San Diego

Be Cautious When Searching The Web for Small Business Loans

At some point you’ll seek a business loan, to take on a new contract, hire employees, or finance an expansion to a new location. Whatever you do, be on the lookout for bad lenders. Online predators make huge profits from unwary borrowers anxious to get started with their business and reluctant to take the right steps to get a good loan.

Trust worthy lenders will need to see you have a good history of repaying your loans (credit score) and reporting your income (tax returns.)

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CONNECT TO SMALL BUSINESS ASSISTANCE

Not Finding The Information You Need on Business Loans?

Our powerful tool allows you to connect to local organizations and resources that can help your individual business. Provide information about your business and what you’re looking for and let the tool find you a connection.

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