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.

Eligible Business applicants must:

• Be located within the County of Ventura with a current business license from the city in which they operate,
• Have been in existence at least twelve months and have filed their 2023 tax return,
• Have earned between $25,000 and $500,000 in gross revenue (verified with 2023 taxes),
• Be a business in good standing (documents properly filed and current),
• AND identify as at least one of the following:
  • Businesses at least 51% owned by an individual or individuals who identify as Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or other Pacific Islander, Indigenous, or Person of Color.
  • Businesses at least 51% owned by Women.
  • Businesses at least 51% owned by Veterans.

Eligible Nonprofit applicants must:

• Be headquartered in the County of Ventura,
• Have total revenue of $500,000 or less, as verified by prior-year 990 or 990-N and current-year budget,
• Have 501c3 Designation,
• Have EIN,
• Show proof of current 990 or 990-N Form filed with IRS, and
• Be a nonprofit in good standing (documents properly filed and current).

Ineligibility Criteria

Organizations or applicants that meet any of the following are not eligible to apply.

• Organizations primarily engaged in political or lobbying activities (50% or more of operations)
• Businesses that engage in gambling activities, including any business whose principal activity is gambling. (Businesses that obtain less than one-third of their annual gross income from either the sale of official state lottery tickets under a state license or legal gambling activities licensed and supervised by a state authority, but otherwise do not engage in gambling activities, are not ineligible.)
• Government entities or elected official offices
• Passive businesses, investment companies and investors who file a Schedule E on their personal tax returns
• Businesses involved in speculative activities that develop profits from fluctuations in price rather than through the normal course of trade
• Real estate investment firms, when the real property will be held for investment purposes.
• Dealers of rare coins and stamps
• Pyramid sales plans, also known as multi-level marketing, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants
• Organizations involved in activities that are against the law in the jurisdiction where the organization is located
• Organizations where a principal is currently incarcerated, on parole, or probation; or is a defendant in a criminal proceeding
• Financial businesses primarily engaged in the business of lending, such as banks, finance companies, factoring companies, loan packaging, leasing companies, insurance companies (not agents), and any other firm whose stock in trade is money
• Cannabis-related businesses; liquor stores; and strip clubs
• “Affiliates” of businesses as defined in 13 C.F.R. § 121.103.

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. Your regional Small Business Development Center (SBDC), hosted by Economic Development Collaborative of Ventura County (EDC-VC)
4. 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.

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.

WEV primarily offers funding in the form of loans; however, we regularly offer grant-type funding as part of the Forgivable Business Loan and 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 view our Info Session videos on WEV’s products and application process to ensure the the WEV Funding Program is a good fit for you and your business.

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 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’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. 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).