Liz and Akeem Bynum
La Playa Soul Kitchen
"Thank you again for investing in our small business, your support provides us great motivation as we get through these last tedious steps, our appreciation to the full team for your support of our business."Liz and Akeem Bynum, La Playa Soul Kitchen
"WEV encouraged and supported my dreams of owning a food truck with initial financing to purchase and re-build the truck I wanted. I know that I can rely on their support long into the future as HEAT continues to grow."Nicole Dailey, HEAT Culinary
"We were in a very difficult situation, since we were affected, like everyone, by the COVID-19 pandemic. Our personal and business payments were stopped. Thanks to WEV, those payments could be made. We are very grateful for the opportunity we were given."Fernando and Maria Navarro, Fernando’s Churros
“I am actually without words (a rarity) of the immense appreciation and gratitude for WEV’s time, wisdom and support."Sue Jacoby, Action Academy
No, you do not need to be a WEV graduate or client to apply for a loan. However, WEV’s Business Classes will help you complete a business plan, which is a requirement to apply for any loan over $5,000 through WEV’s Business Funding programs.
The steps below are applicable to all Funding Programs except the Forgivable Loan and Business Consulting Program. Refer to that program’s page for more information.
Upon receipt of a completed application package, the loan process typically takes between 4-6 weeks.
If all requirements are met, funding can take place within 48-72 hours of WEV’s receipt of all items required for loan closing.
WEV welcomes individuals with all credit scores to submit an Interest Form so that we can discuss your unique situation.
There is no guarantee that a graduate will get a loan. Each loan applicant will be considered individually.
Collateral refers to assets that you own that are pledged to WEV as security for your loan. Some examples of collateral include residential real estate, liquid accounts, investment accounts (not including retirement), vehicles and business equipment. Collateral provides a secondary source of repayment for a loan when historical cash flow is not sufficient to repay the requested amount.
WEV does not offer loans to nonprofit businesses.
WEV focuses on serving women because women face greater barriers in accessing financing from traditional sources such as banks. However, we can lend to anyone with a business that demonstrates the potential to succeed and repay the loan, regardless of gender identity.
We welcome loan applications from start-up businesses, however, you must have a business plan that includes a detailed marketing plan and at least two years’ financial projections. To strengthen the application, we encourage business owners with limited entrepreneurial experience and who are without a plan to consider enrolling in one of WEV’s Business Classes or engage with a WEV Business Consultant.
WEV primarily offers funding in the form of loans; however, we regularly offer grant-type funding as part of the Forgivable Loan and Business Consulting Program and as part of the Emprendimiento program. See each program’s details page for more information and fill out an interest form to learn more from our staff.
Information about loan amounts, fees, and use of money is available on our loan pages. Please submit an Interest Form and then sign up for an upcoming Info Session to ensure that the WEV loan program is a good fit for you and your business before applying.
Borrowed funds may be used for purposes such as equipment, improvements to place of business, inventory, hiring and training of personnel, marketing and working capital expenses. You may be asked to provide proof of spending.
Loan funds may not be used to refinance existing debts unrelated to the business, to purchase real estate, for owner’s compensation and payment of back taxes or other outstanding judgments.
A complete loan package for loans up to $5,000 consists of the following:
A complete loan package for loans between $5,001 and $10,000 consists of all the elements above, plus:
A complete loan package for loans over $10,000 consists of the following:
The goals of the Loan Programs are to diversify and expand the local economy and create new jobs by providing loans to small businesses. WEV’s loans are targeted to low- and moderate-income men and women, minorities, and others who have been traditionally underserved by lenders.
WEV is a U.S. Small Business Administration (SBA) Microlender, a certified Community Development Financial Institution (CDFI), and an equal opportunity provider.