The Office of Supervisor Nathan Fletcher and The San Diego Foundation have formed a public-private partnership to stand-up the San Diego County COVID-19 Small Business and Nonprofit Loan Program (SBNLP). This program uses both subordinated funds and state guaranteed funds to provide low- and no-interest financial relief to small businesses and nonprofits in San Diego County who have been impacted by the COVID-19 pandemic. In addition to disaster recovery loans with approved 95% guarantees on the principal, it is anticipated a variety of local governments, philanthropists and other entities will contribute to this fund.
For small business loans up to $50,000, SBNLP will work with California Southern Small Business Development Corporation and San Diego & Imperial Small Business Development Center (SBDC). The loan underwriting, servicing and overall program administration will be managed through the Accion and LISC, CDFI institutions, The San Diego Foundation and Mission Driven Finance. SBNLP will open for applications once sufficient capital funding is secured and a web-based application process is finalized, anticipated by June.
Learn more about SBNLP here.