The Economic Injury Disaster Loan is Low Interest No Payments for One Year https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
San Diego County Small Business Stimulus Grant Program Is Taking Applications
SDNEDC Escondido Business Grants
Encinitas Small Business Grants
“My staff and I are working around the clock to help local small business owners receive this aid and access other assistance from the SBA. Our local Small Business Development Centers have been critical partners in that effort, and I strongly encourage small business owners to reach out for assistance, ” Congressman Mike Levin, California's 49th Congressional District.
“COVID-19 is something we have never experienced. San Diego’s small businesses are inspirational, creative, and resilient. Over 100 SBDC business advisors have been boots on the ground helping almost 9,000 small business owners successfully access over $96M in disaster funding as well as recovering, pivoting and adapting,” states Daniel Fitzgerald, Acting Regional Director, San Diego and Imperial Small Business Development Center Network Hosted By Southwestern Community College.
It is important to get the word out to all small businesses about the assistance, resources, deferrals and emergency funding that are available and the urgency to apply now for the Economic Injury Disaster Loan (EIDL) and the San Diego Small Business Stimulus Grant Program and the many other loan and grant programs before the funds are gone.
“If a small business was not able to apply for PPP before it closed or was denied for the PPP or EIDL or they still want to apply we suggest they contact the SBDC for assistance. Our experts can help with filling out applications, securing a lender and helping with appeals. If PPP re-opens, the loans will be in the system,” continues, Fitzgerald.
“Our family was ready to give up our business and return to Vietnam when we were referred to the SBDC. They gave us hope that our dream was still alive and helped us obtain an EIDL loan. They were with us throughout the process. If it were not for the SBDC we would not have known about and received the EIDL loans as well as other disaster assistance and resources that are available to businesses,” exclaims Tam Nguyen, Owner Pretty Nails Salon.
The PPP nationally has approved 5,158,938 loans for $523,421,099,011 the average loan amount $101,459. In California more than 87,000 California businesses and non-profits have received loans. There is approximately $115 Billion available in PPP.
Currently, the EIDL program is still lending however, there are no longer grants available. Seventy Billion dollars in EIDL grants have been distributed to small businesses. Businesses in California led the way in EIDL loan receipts, with $15.1 billion going to 196,365 businesses as of June 6, according to SBA. The EIDL is a low interest loan at 3.75% & 2.75% for non-profit maturing in 30 years with no penalties.
“Even with PPP closing and there is a good chance it may re-open there are many grant and loan programs available to help small businesses survive and thrive. The San Diego County Small Business Stimulus Grant Program which is part of the CARES Act provides $17 million dollars to be disbursed between the five districts to small businesses with employees under 100. The city of Escondido (CARES Act funded) have established a grant program. Cities including Poway, San Marcos, Carlsbad, and others have created low interest loans. The City of San Diego and the County of San Diego both have low interest loans,” comments Fitzgerald. The SBA and State of CA have quite a few options for guaranteed loans with an extremely competitive advantage.
The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses. These loans are handled through banks and start at $150,000.00. Chase Bank, Bank of Southern California, Banner Bank, and other lenders are currently handling these loans.
“Small businesses continue to navigate the twist and turns of this ever-shifting pandemic economy, and our local SBDC’s services have never been more valuable. My goal since this crisis began is to reassure and inform business owners by keeping them up to date on how the landscape is changing and what resources are available at the local, state, and federal levels. The SBDC has been a key partner in doing that. - Assemblymember Tasha Boerner Horvath.
There are amazing success stories of small businesses who with the assistance of SBDC experts are surviving and creating new revenue streams. Hillcrest’s Fiji Yogurt (success story attached) was able to receive a $20,000 low-interest loan through the PPP program along with a $5,000 EIDL grant to keep the business alive during the pandemic.
Resources and information are ever changing. Small business owners are encouraged to contact the SBDC for assistance with funding, pivoting, and adapting. Small business owners can register for one-on-one counseling and on demand and live webinar trainings at www.sdivsbdc.org. They can also schedule an appointment by calling 619-482-6391. There is no cost for one-on-one counseling and most training workshops.
“We are very grateful to the finance team at the SBDC. They literally saved our business and got us back on track. We were working with them on a business expansion loan when COVID-19 hit, and business was impacted drastically. They helped us get the PPP and EIDL loans which saved our business. We are once again up and running with the expertise of the SBDC and working on our expansion and legacy”, explains Frederick Mercurio, CEO of Imperial Rail Port.
The San Diego and Imperial SBDC Network is coordinating services with local, state and federal stakeholders including: the California Governor’s Office of Business and Economic Development (Go-Biz), the San Diego Regional Economic Development Corporation, the Small Business Administration, the County of Imperial, and the County of San Diego.
The State of California, the Governor’s Office of Economic launched the #ShopSafeShopLocal campaign encouraging shoppers to help small businesses operate safely during the pandemic and provide free digital marketing resources.
The SBDC and Supervisor Fletcher unveiled a new website providing free live and on-demand webinars to help small businesses re-open safely. The site also includes training, county resources, templates, and counseling visit www.SDIVSBDC.org/adaptSD. The SBDC is a vital partner for small businesses in San Diego. This new, complimentary online resource will help business owners adapt to the new way of operating during the COVID-19 pandemic,” said Supervisor Fletcher.
About the SBDC
The San Diego and Imperial SBDC hosted by Southwestern Community College, is funded by the U.S. Small Business Administration (SBA) and the California Governor’s Office of Business and Economic Development (Go-Biz.) provides business advising and most workshops and training at no cost to small business owners to provide economic impact for our region. The SDIV SBDC network includes eight service partners in San Diego County and one in Imperial County hosted by Imperial Regional Alliance. San Diego County locations include: North San Diego SBDC (MiraCosta College), East San Diego SBDC (East County EDC), South San Diego SBDC (Southwestern College), the Brink SBDC (University of San Diego), Export Trade SBDC (San Diego Regional EDC/World Trade Center), Connect SBDC, Alliance SBDC (Asian Business Association) and International Rescue Committee SBDC. SBDCs provide business advising and most workshops to small business owners at no cost. Services are provided in English, Spanish, Arabic, Farsi, Swahili, Dari, Vietnamese, Mandarin, and others.