
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 3.8 / 5.0
★★★★★
Pacific Community Ventures (PCV) is a local lender that specializes in providing financing to small businesses that struggle to qualify for a business or SBA loan. You’ll find no credit or revenue cutoffs, and its maximum interest rates are lower than where some business lenders start. But it requires a personal guarantee from all owners and doesn’t work with startups.
Min. Amount | $10,000 |
---|---|
Max. Amount | $200,000 |
Loan Term | 12 to 60 months |
APR | 7% to 13% |
Requirements | Located in California, at least 12 months in business, profitable, at least one employee |
Your business must meet qualifications that include:
PCV is a nonprofit community development financial institution (CDFI) with a mission to provide support to underserved businesses in California. It offers loans from to that small businesses can use for any legitimate purpose, including working capital, buying inventory or even acquiring another business.
Interest rates range from 7% to 13%, and terms run from to . PCV also charges a 1% to 5% loan fee before you get your funds, taking the APR range to –13%.
While any business that meets PCV’s requirements can apply for a loan, its mission is to provide affordable financing to small businesses having a hard time qualifying for traditional loans or SBA-backed funding.
PCV doesn’t require a minimum credit score, though it runs a credit check on each owner with more than a 20% stake in the company. Even if you don’t get approved, even applying may be worth it: It either refers you to a partner lender that can offer you funding or connects you with a business adviser that can help you strengthen your application.
Explore your options by loan amount, APR and requirements. Select the Go to site button for more information about a particular lender.
PCV customers haven’t written many reviews or complaints online as of October 2020 — not uncommon for a nonprofit. It doesn’t have a page on Trustpilot. And because this lender is a registered nonprofit, the Better Business Bureau (BBB) considers it a charity and doesn’t offer a place for customer reviews — though it is accredited with the bureau and meets its standards for charities. It has a Yelp page, but no reviews to speak of.
This isn’t necessarily a bad sign. Although PCV has 20 years of experience working with small businesses, it only works with a small group of business owners.
You can get started on your PCV application online, though you’ll need to speak with a representative by phone if you’re preapproved. Before you’re ready, make sure that you meet PCV’s eligibility criteria.
PCV might ask to see the following documents from applicants:
Now that you have your loan, your business is free to spend it as planned. PCV asks businesses to sign up for automatic repayments, so you won’t need to worry about remembering to make a repayment each month.
Keep an eye on your business bank account and loan balance. If you have any questions, call 415-442-4300 as soon as possible.
PCV’s business loans could be a resource for businesses struggling to qualify for traditional or SBA financing. But the lender’s limited reach in California and long turnaround means it’s not for everyone.
Curious about business loan options? Read our guide to business loans, where you can compare lenders and learn how financing works.
Is there a penalty for repaying the loan early?
No. This means your business can save on unnecessary interest by repaying the loan before it’s maturity date.
Can any business sign up for PCV’s advising program?
No. Your business must be located in the US, have at least one year in business, make at least $100,000 in annual revenue and have at least one employee.
What’s the best time to contact PCV?
PCV is open weekdays from 9 a.m. to 5 p.m. PT. It’s closed on all national holidays and between December 23rd and January 1st annually.
Pictures: pacificcommunityventures.org
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.