For Immediate Release

San Diego County COVID-19 Small Business and Nonprofit Loan Program $5M small business proposal by Supes. Jacob and Desmond being voted on by Board of Supervisors Tues., April 21 would be first contribution if passes

San Diego – April 20, 2020 – 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). The Program is unique because it is structured to use a combination of subordinated funds and state guaranteed funds to provide financial relief to small businesses and nonprofit organizations in the County who are struggling as a result of the coronavirus pandemic.

For the last four weeks, the Office of Supervisor Fletcher and The San Diego Foundation, have been collaborating with the California Southern Small Business Development Corporation, San Diego & Imperial Small Business Development Center (SBDC), Accion San Diego and LISC San Diego, both Community Development Financial Institutions (CDFI), and Mission Driven Finance — to build this regional vehicle for low-interest and no-interest loans. Most importantly, it is a program that can access available 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 to help our small business and non-profit community.

The San Diego Foundation Board Approves $5 Million for Interest-Free Loans for Nonprofits

“Development of the COVID-19 Small Business and Nonprofit Loan Program began in earnest after we stood-up the Community Response Fund,” said Supervisor Fletcher, Co-Chair of the County’s COVID-19 Subcommittee. “We designed this Program to allow public and private entities to donate money that our strategic partners can leverage using their technical expertise, staff capacity, balance sheets and resources to rapidly inject liquidity into the local San Diego County small business sector.”

Funders are lining-up to contribute to the countywide relief program and will be announced at a later date, but if on Tuesday, April 21, the Board of Supervisors pass the $5 million business loan proposal from Supervisors Dianne Jacob and Jim Desmond — those County funds will be directed to unincorporated areas and flow through the COVID-19 Small Business and Nonprofit Loan Program established by Supervisor Fletcher, The San Diego Foundation, and the finance partners.

“We are grateful for the leadership of County Supervisors Dianne Jacob and Jim Desmond for bringing forward a proposal to the board to provide $5 million to the SBNLP to help start our region’s economic recovery,” said Mark Stuart, President of The San Diego Foundation.

For small business loans up to $50,000, SBNRP will work with California Southern Small Business Development Corporation, which has served as San Diego’s top loan guarantee partner for more than 30 to more than 40 financial institutions and banks. California Southern has worked to leverage the potential for State of California funds of up to approximately $30 million through the State of California’s Ibank to be able to support some of the disaster recovery loans with approved up to 95% guarantees on the principal.

For loans over $50,000 to both nonprofits and small businesses, SBNLP collaborators plan to use philanthropic and subordinate funds to leverage additional, low cost funding available from CDFIs and other local banking institutions.

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, a San Diego-based investment firm and Certified B Corporation is dedicated to advancing economic opportunity by getting capital to flow where it normally does not.

SBNLP will open for applications once sufficient capital funding is secured and a web-based application process is finalized, anticipated by June.

Cities, government agencies, philanthropic organizations, and corporations that want to loan or grant funding through this program can visit

Also, the San Diego & Imperial Small Business Development Center (SBDC), with more than 30 years providing one-on-one assistance to San Diego’s small businesses through technical assistance, education workshops and training, will serve as a key partner in working directly with small businesses and nonprofits to prepare for this funding. SBDC would provide business advising to help the businesses correct errors/deficiencies in the application before resubmitting it to the loan fund. SBDC will also provide business advising and identification of other resources for those that do not meet requirements for the fund. SBDC will be able to provide advising and support for the business as they move into the recovery process and into the long-term.

Partner Quotes

“As one of the largest CDFIs in San Diego County, with a history of lending to nonprofits, minorities, women, and affordable housing developers; LISC San Diego will do all that we can to support Supervisor Fletcher to stand-up the San Diego County COVID-19 Small Business and Nonprofit Loan Program (SBNL P). We thank Supervisors Jacob, Desmond for proposing $5 million from the County,” said Ricardo Flores, Executive Director of LISC San Diego.

“As a nonprofit dedicated to fueling entrepreneurs with the tools, resources and capital needed to contribute to our local economy and community, our team looks forward to working with these partners to support small businesses during this time, as we know they are the vital fabric of our local neighborhoods,” says Elizabeth Schott, CEO of Accion San Diego.

About The San Diego Foundation

The San Diego Foundation maximizes the impact of your charitable giving. We mobilize philanthropic resources to advance quality of life, increase social impact and champion civic engagement. For more than 40 years, The Foundation and our donors have granted more than $1.2 billion to grow a vibrant San Diego region. Learn more at

About Mission Driven Finance

Mission Driven Finance is an impact investment firm dedicated to building a financial system that ensures good businesses have access to sufficient, affordable capital. Built from the ground up with a single purpose—to make it easy to invest in your community—all our funds and structured products are designed to close financial gaps that will close opportunity gaps. Mission Driven Finance was launched in 2016 in San Diego, CA and is a Certified B Corporation. Learn more at

About California Southern Small Business Development Corporation

California Southern SBDC is a public benefit corporation, 501(c)3, which is chartered and regulated by California Infrastructure and Economic Development Bank (IBank) to provide loan guarantees to financial institutions. Cal-Southern’s primary mission is to foster greater levels of job creation and retention throughout the small business community.

Cal Southern was founded in 1989 and annually enters into a contract with the Governor’s Office of Business and Economic Development (GOBIZ) and California Infrastructure and Economic Development Bank to administer loan guarantees to financial institutions in Southern California, focusing primarily in San Diego and Imperial Counties. As a public benefit Financial Development Corporation (FDC), California Southern has served as San Diego’s top loan guarantee partner for over 30 years to more than 40 financial institutions and banks and has guaranteed over $250 million in loans to small businesses.

California Southern will leverage State of California Trust Funds through the State’s IBank to provide disaster recovery approved up to 95% guarantee of loans enrolled and funded.

About San Diego & Imperial SBDC

The San Diego & Imperial Small Business Development Center (SBDC) Network is primarily funded by the US Small Business Administration (SBA) and the California Governor’s Office of Business and Economic Development (Go-Biz) and is hosted by Southwestern Community College District. The San Diego & Imperial SBDC provide no-cost business advising and training to regional entrepreneurs at its multiple locations with its partnerships throughout the region.

About LISC San Diego

Is a non-profit funding agency that has been serving San Diego since 1991. LISC San Diego has invested $232 million in grants, loans, and equity investments in the city’s low-income communities. This investment has leveraged $1 billion in total development costs, leading to the creation of more than 6,000 affordable rental housing units for San Diego’s most vulnerable families and the development of 1 million square feet of retail and commercial.

About Accion

As a Community Development Financial Institution (CDFI) serving San Diego’s small business community since 1994, Accion is a nonprofit, mission-based lender dedicated to connecting entrepreneurs with the accessible financing and resources it takes to create or grow healthy businesses. By providing loans ranging from $300 to $100,000, Accion creates opportunity for increased income, economic stability and employment. In Southern California, Accion has provided nearly 5,000 loans totaling more than $44 million in its 25-year history. The mission of Accion is to provide economic opportunity for primarily low-to-moderate income business owners who lack access to traditional sources of credit. Through business loans and support services, Accion strengthens the foundations of emerging entrepreneurs and helps them to thrive in their communities creating positive social and economic change.

About Supervisor Nathan Fletcher

Supervisor Nathan Fletcher represents the Fourth Supervisorial District of San Diego County. He is leading the County of San Diego’s response to novel coronavirus as Co-Chair of the County’s COVID-19 Subcommittee. Supervisor Fletcher is working daily with the County’s Chief Administrative Officer, Public Health officials and a cross-departmental emergency operations team to protect public health, reduce the risk of COVID-19 spread to residents and respond to the constantly changing dynamic of this global pandemic. For more information and to learn about the County’s response visit