Secure the capital your business needs to grow
WEV’s Business Expansion Loans are designed to support businesses that have been in existence for over 12 months and need capital to grow.
These business expansion loans are a great option when…
- You are looking to open a storefront
- You are adding a new product line
- You need to purchase or replace equipment
- You want to invest in a new marketing plan
- You are looking to hire employees
- You are facing any need for investment to expand your business
Eligibility
To be eligible for a Business Expansion Loan, applicants must:
- Own and control at least 51% of the business
- Have been in business for more than one year
- Have resided within Santa Barbara County or Ventura County for at least one year
- Be a U.S. citizen or legal permanent resident, or have an ITIN (Borrowers with an ITIN are eligible for loans up to $10,000)
- Have a business plan, which must contain at minimum a marketing plan and a two-year financial projection
- Not have had a Bankruptcy discharged within the past 3 years
- Not have any outstanding and unresolved tax liens, judgments, or other derogatory reporting (if related to the COVID-19 crisis, exceptions may be made)
- Provide personal financial information and personal guarantees of all owners of 20% or more of the business
- Demonstrate historical ability to pay existing and requested debt, validated by tax returns and/or profit and loss statements
Ready to get started with WEV’s Funding Process?
Fill out an interest form to meet with WEV’s Funding Team.
"The feeling of informing an applicant their loan has funded is indescribable. Many people come to WEV after their bank has turned them down, and I love being able to turn their frowns upside down."
Marta Quintero, WEV Funding Officer
