Pacific Community Ventures business loans review | finder.com

Pacific Community Ventures business loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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

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.
Product NamePacific Community Ventures small business loans
Min Loan Amount$10,000
Max. Loan Amount$200,000
APR8.87%–22.39%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term5 years
RequirementsLocated in California, at least 12 months in business, profitable, at least one employee
  • At least one year in business
  • At least one part-time or full-time employee
  • Operates in California
  • Profitable business

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 $10,000 to $200,000 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 1 year to 5 years. PCV also charges a 1% to 5% loan fee before you get your funds, taking the APR range to 8.87%–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 8.87%–22.39%, 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

Rates last updated November 19th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
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
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What does the Internet say about PCV?

Almost nothing as of October 2018. PCV 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

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

Was this content helpful to you? No  Yes

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 Privacy and Cookies Policy and Terms of Use.
Go to site