Business Funding

As of April 30, 2024, WEV has placed a temporary hold on our Start-Up and Expansion loan programs. We do not know at this time when these programs will become available. WEV is still offering the Streamlined Loan Program which provides up to $10,000 for businesses in existence at least twelve months and who meet other eligibility criteria described here. If you are a start-up business and/or are seeking more than $10,000, please contact our partners, the Economic Development Collaborative to learn more about their loan programs or explore other funding options with Venturize and CA Small Business Loan Match.

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 may be useful if you choose to apply for a loan through WEV’s Business Funding programs.

1. WEV’s Business Classes
2. WEV’s Business Consulting
3. The Small Business Administration (SBA) Website
4. Your regional Small Business Development Center (SBDC), hosted by Economic Development Collaborative of Ventura County (EDC-VC)
5. Your regional SCORE chapter:
   • Santa Barbara SCORE
   • Ventura County SCORE

For Streamlined Business Loans:

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. Please note: collateral is not a requirement of every WEV loan.

WEV generally does not offer loans to nonprofit businesses.

No, we welcome enquiries from all small business owners who meet the lending criteria.

WEV primarily offers funding in the form of loans; however, we regularly offer grant-type funding as part of the Emprendimiento program. See the 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 to start the application process.

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, nor in businesses or industries deemed restricted by WEV or the Federal Government.

A complete loan package for Streamlined Loans of up to $5,000:

• Online Loan Application
• Current Business Bank Statement, reflecting no derogatory activity
• Current Business License
• Credit score of 660 or higher
• Additional documents may be requested by WEV’s Loan Program staff

A complete loan package for Streamlined Loans of $5,001 and up to $10,000:

• All of the elements above, plus:
• Prior year business tax return reflecting no operating losses
• Personal guaranty of owner, if applicable

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 is a certified Community Development Financial Institution (CDFI) and an equal opportunity provider. In accordance with federal law and U.S. Department of the Treasury policy, this institution is prohibited from discriminating based on race, color, national origin, sex, age, or disability. Submit a complaint of discrimination, by mail to U.S. Department of the Treasury, Office of Civil Rights and Equal Employment Opportunity, 1500 Pennsylvania Ave. N.W., Washington, D.C. 20220, (202) 622-1160 (phone), (202) 622-0367 (fax), or email crcomplaints@treasury.gov (email).