Small Business Loans
The intent of HFLSD Small Business Loans is to assist entrepreneurs start or expand their San Diego County businesses when they cannot yet qualify for conventional lending. Uses are generally for working capital, purchase of equipment, machinery, inventory, construction/renovation, start-up expenses, bridge loans. (Max. $20,000)
All business loan applicants (including situations in which a loan applicant has non-Jewish business partners) must have an ownership interest and an active role in the management of the business.
Applicant must demonstrate the viability of the business. Our committee of experienced business leaders will provide feedback on your business plan as part of the loan review process.
All owners with at least 20% ownership interest must be guarantors. In HFLSD’s discretion, collateral may be accepted (per evaluation and/or appraisal) in lieu of or in addition to guarantor(s). HFLSD will take UCC security interest in assets of business.
Additional documentation required for loan approval include:
- Business and marketing plan
- Description of management/principals (resumes)
- 3-year financial projections and financial statements/tax returns
- Organizational documents (Articles of Incorporation/Organization, Bylaws/Operating Agreement) and good standing/full force and effect certificate
- Copy of lease/deed for location of business
- Proof of business insurance and relevant licenses/permits
- Proof of pursuit of other sources of credit (banks, alternative financing, grants)
- Bank account information
At Hebrew Free Loan of San Diego, we rely on guarantors instead of collateral to secure your loan. A guarantor is someone who can guarantee to pay back the loan if you do not. A guarantor is at least 25 years old, lives in California and has a credit score of 670 or better. A friend, family member or employer are examples of a guarantor.
