California Southern Small Business Development Corporation Moves Offices to Liberty Station February 1; Continues to Provide Kick-Start for Local Economy Through Sta

Online, February 2, 2012 (Newswire.com) - California Southern Small Business Development Corporation (California Southern), the county's largest state and federally funded loan guarantee program, has moved its offices to Liberty Station, effective February 1, 2012. After nearly 23 years in downtown San Diego, California Southern will now call the NTC Promenade in Liberty Station home.

"The new location is a perfect fit for us," said Mike McCraw, president of California Southern, who has been at the helm since its inception. "Not only is the space easily accessible from just about anywhere, and fits our current and future needs, but we are now closer to many of the companies and entities we already do business with."

The new space includes 1,709 square feet of office space, including their own conference room as well as use of other conference rooms and meeting spaces in the NTC Promenade.

Liberty Station has become home to many nonprofit service organizations, including the San Diego Foundation, San Diego Funding and CDC Small Business Finance, all of which provide similar services and/or partner with California Southern to provide additional support for small businesses throughout the San Diego region.

Founded in 1989, California Southern is organized as a nonprofit, public benefit corporation. It is one of 11 funded loan guarantee programs in the state. Its primary mission and focus is to assist minority and women owned businesses who cannot qualify for a loan without a guarantee. Over the years, California Southern has formed relationships with more than 40 banks and lending institutions which allow them to assist small business that have great potential, but lack credit strength.

During the past five years, despite being in the midst of a tense recessionary period, California Southern has helped more than 600 local businesses by guaranteeing loans. By working with the state to guarantee more than $55 million in loans, they have helped to create more than 590 jobs in San Diego and Imperial Counties.

California Southern has guaranteed funding and has provided direct lending to a variety of businesses in Southeastern San Diego, one of San Diego County's most under-capitalized communities.

California Southern helped Market Creek Plaza by obtaining a new market tax credit funding for the developer, Diamond Management. Market Creek Plaza was once a run-down factory site that has been transformed into a vibrant commercial and cultural center, designed and built by members of the community. Tenants include Cold Stone Creamery, Starbucks, Food 4 Less, Papa John's and SDG&E. Built in 2005, it is now owned and operated by a group of community teams made up of local residents.

In addition to Market Creek Plaza, California Southern has assisted a variety of businesses from contractors to manufacturing and franchises to small retail outlets. Diamond Management (Market Creek Plaza), Accurate Engineering, Felix Bar-B-Que With Soul in Oceanside, a franchisee for 7-Eleven, Cornerstone Building Group, and Pain Control Associates of San Diego, Inc. are just a few of the businesses assisted by California Southern over the years.

"We know that small business is always the key to jumpstarting our local economy," said McCraw. "We are proud to assist small businesses that have the potential to help rebuild our economy and create jobs for San Diegans."

California Southern can guarantee up to 90 percent of a loan with a maximum dollar exposure of $500,000, and a maximum term of seven years. There is no minimum loan level. To be eligible for a loan, the business must be unable to obtain financing without a guarantee, and demonstrate repayment ability with adequate collateral support.

Applications for loan guarantees are first evaluated by California Southern staff and are then presented to the Loan Committee, which includes representatives from the financial institutions that partner with California Southern. The guarantee is issued after approval by the Loan Committee and California Southern's own Board of Directors. From there, California Southern works with the business and the financial institution partners to secure the best loan possible.

California Southern's address, as of February 1, 2012 is NTC Promenade, Building 202, Suite 205, 2825 Dewey Road, San Diego, CA 92106. For more information on California Southern, visit their website at www.casouth.com.