We present SoundLoCD, a novel text-to-sound generation framework, which incorporates a LoRA-based conditional discrete contrastive latent diffusion model. Unlike recent large-scale sound generation models, our model can be efficiently trained under limited computational resources. The integration of a contrastive learning strategy further enhances the connection between text conditions and the generated outputs, resulting in coherent and high-fidelity performance. Our experiments demonstrate that SoundLoCD outperforms the baseline with greatly reduced computational resources. A comprehensive ablation study further validates the contribution of each component within SoundLoCD. Demo page: \url{https://XinleiNIU.github.io/demo-SoundLoCD/}.