Small business is the lifeblood of the City of Santa Cruz. While financing a new or expanding business can be challenging, there are many options available for city businesses both through local and state sources. Below, we highlight a list of options for business owners in the City to take the guess work out of funding your business.

Local

Grow Santa Cruz Revolving Loan Program – The City of Santa Cruz has formed a partnership with the National Development Council (NDC), one of the oldest not-for-profit organizations specializing in community and economic development, offering a series of focused loan programs designed to support small businesses within Santa Cruz.

• Customizable, long-term business loans
• Between $50,000 and $1 million+
• Flexible, competitive interest rates
• Payback periods tailored to your business’s cash flow

Santa Cruz County Credit Union Microloans – Specializes in offering microloans, to their member businesses—from $2,500 to $50,000.

All business owners in Santa Cruz County and northern Monterey County may apply with an SSN, EIN or ITIN.

• Available to new and existing businesses
• Low rates, flexible terms, and no prepayment penalties
• Quick approval process with local decision-making
• Convenient automatic repayment available
• Manage your business loan 24/7 using Online or Mobile banking

SBA 7(a) Loans—available through Santa Cruz SBDC and Grow America

Low down payments, affordable rates, and longer loan terms make funding affordable for growing businesses, and funding up to $5 million is available. Feel secure knowing that you’re working with experienced community lender and that your loan is backed by the U.S. Small Business Administration.

Small Business Capital

California Capital Access Programs

This program encourages lenders to make loans to small businesses that may have difficulty obtaining capital. These credit enhancement mechanisms minimize the credit risk for lenders and makes it possible for new and existing businesses in California to qualify for small business loans. Programs include: CalCAP for Small Business, CalCAP Collateral Support, Americans with Disabilities Act Financing, California Seismic Safety Financing and CalCAP Zero-Emission.

IBank Small Business Loan Match

California Small Business Loan Match is a new lender-match tool provided by IBank’s Small Business Finance Center as an extension of their Loan Guarantee Program. Loan Match was made to ease the process of finding trusted loans for California entrepreneurs, gathering dozens of lenders on one platform for a one-stop experience. All lenders have been pre-vetted and enrolled in IBank’s Loan Guarantee Program, which specializes in bridging the gap between responsible lenders and small businesses.

CalOSBA Grant Funding

The California Office of the Small Business Advocate (CalOSBA) administers grant programs for small businesses, non-profits, and eligible community organizations that support and promote entrepreneurship. CalOSBA-administered programs can also be located through the California Grants Portal.

Small Business Association (SBA)/Small Business Development Center (SBCD)

The U.S. Small Business Administration (SBA) administers the Small Business Development Centers (SBDC) Program to provide management assistance to small business owners.

Our local SBDC has a Finance Center, accessible at no cost as they are tax-payer funded. They have worked extensively with local businesses in our community and know the financing landscape quite well, including SBA loans.

The Finance Center team can help prepare, review, and present all the required legal documents that will help position business owners as ‘bankable’ and ‘lendable.’ Financial advising areas include:

• Working capital
• Expansion/growth capital
• Buy a business
• Sell a business
• Invest in real estate
• Start-up financing
• Technology financing
• Purchase equipment
• Purchase order financing

Have questions or need support? I’m here to help! Send me an email at sdomondon@santacruzca.gov.