This article contains links to products or services from one or more of our advertisers or partners. We may receive a commission when you click or make a purchase using our site. Learn more about how we make money.

Pacific Community Ventures business loans review

Last updated:  

Competitive financing for California businesses struggling to qualify for traditional loans.

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.

$10,000

Min. Amount

$200,000

Max. Amount

Details

Product NamePacific Community Ventures small business loans
Min. Amount$10,000
Max. Amount$200,000
Loan Term12 to 60 months
APR8.87% to 22.39%
RequirementsLocated in California, at least 12 months in business, profitable, at least one employee

First, do I qualify?

Your business must meet qualifications that include:

  • A business location in California.
  • At least one part-time or full-time employee.
  • At least one year in business.
  • Profitability.

What is PCV?

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 –22.39%.

What makes PCV business loans unique?

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.

What are the benefits of a PCV business loan?

  • Competitive rates. With APRs from to , PCV might offer one of the best deals out there for business owners struggling to find financing.
  • Collateral optional. You don’t need to put up equipment, real estate or other business assets to qualify for this loan. But you can if you think it will strengthen your application.
  • All credit types welcome. PCV doesn’t require a minimum credit score, though it checks the scores of all business owners.
  • Advising program. PCV offers free small business advice to help your business continue to grow.

What to watch out for

  • Only available in California. PCV is a local CDFI that serves business owners in the Golden State only.
  • Must be profitable. This lender only works with businesses that are cashflow positive and doesn’t work with startups.
  • Personal guarantee. Everyone who owns 20% of the business or more is required to personally guarantee the loan, meaning they’re partly responsible for repaying it if the business folds.
  • Closing fee. In addition to interest, PCV charges a fee of 1% to 5% of the loan amount before your business gets the funds.
  • Not ideal for emergencies. It can take 24 hours to get a response from PCV after you submit your preapplication and another one to three days to find out if you’re approved.

Compare more business loan providers

Data indicated here is updated regularly
Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 2 years in business, an annual revenue of $300,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
Fundbox business loans
$1,000 – $100,000
4.99
You must have an established business.
Get flat rate, short-term financing based on the financial health of your business, not your credit score.
Kickpay e-commerce business loans
$20,000 – $1,000,000
Not applicable
At least $250,000 in the past 12 months of revenue, e-commerce business, use a 3rd party fulfillment center for storing and shipping inventory, at least one US location.
Get a loan for your e-commerce business based on your sales history.
LendingClub business loans
$5,000 – $500,000
12.15% to 29.97%
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
With loan terms that vary from 12 to 60 months, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
Monevo business loans
$500 – $100,000
3.99% to 35.99%
Credit score of 500+, legal US resident and ages 18+.
Use this connection service to get paired with a loan you can use for business.
loading

Compare up to 4 providers

Pacific Community Ventures reviews and complaints

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.

How do I apply?

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.

Eligibility requirements

  • At least one year in business
  • At least one part-time or full-time employee
  • Operates in California
  • Profitable business

Steps to apply

  1. Go to the PCV website and click Get Started.
  2. Scroll and click Get Funded.
  3. Scroll and click Get Pre-Approved.
  4. Complete the preapplication’s required fields and review your answers before submitting it.
  5. Wait for a PCV representative to call you to discuss your options, typically within 24 hours.
  6. Submit required documents and any additional information.
  7. Wait for PCV to get in touch with a response, usually within one to three business days.
  8. Receive your business’s funds.

How to apply step-by-step with screenshots

What documents do I need to apply?

PCV might ask to see the following documents from applicants:

  • Two years of financial statements
  • Income statement
  • Balance sheet
  • Personal financial statement
  • Business’s lease agreement
  • Documents from other business loans
  • Debt schedules
  • Financial projections

I got a business loan from PCV. Now what?

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.

Bottom line

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.

Frequently asked questions

Pictures: pacificcommunityventures.org

Business loan ratings

★★★★★ — 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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site