WEV receives a $250,000 equity equivalent investment loan from Wells Fargo to fund its Small Business Loan Fund
$250,000 investment could create jobs
Women’s Economic Ventures of Santa Barbara recently received a $250,000 equity equivalent investment loan from Wells Fargo to fund its Small Business Loan Fund, which provides startup and expansion capital to small businesses that do not qualify for conventional bank financing.
“Wells Fargo is the single largest investor in WEV’s Small Business Loan Fund,” said Judy Hawkins, executive director of Women’s Economic Ventures and the Small Business Loan Fund. “With this investment, Wells Fargo will help WEV extend funding in Santa Barbara and Ventura counties to create jobs for low and moderate income people, including women and minorities, and support business expansion of woman owned and minority-owned businesses.”
Women’s Economic Ventures established its Small Business Loan Fund in 1995.
To date, WEV has made approximately $2.1 million in loans, helping small business owners succeed with ventures such as construction, photography, fine art galleries, graphic design, transaction services, custom tailoring, publishing, oriental medicine and senior assisted living services.
Funded by the Wells Fargo Community Development Corporation, the loan will enable WEV to capitalize its Small Business Loan Fund, increase the number of small business loans it can make in the next 10 years and assist the organization in strengthening its revenue base.
For more information, visit www.wevonline.org.