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$250
Min. Amount
$150,000
Max. Amount
Product Name | Women’s Economic Ventures business loans |
---|---|
Min. Amount | $250 |
Max. Amount | $150,000 |
Loan Term | Up to 84 months |
APR | 10% to 15% |
Requirements | Santa Barbara or Ventura County California resident; demonstrated business experience or training; own at least 51% of business; written business plan for loans over $5,000; US citizen, permanent resident or have an ITIN number Legal states or regions: California |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Women’s Economic Ventures (WEV) is a California-based community development financial institution (CDFI) that offers startup loans and SBA microloan funding. It specializes in financing women- and minority-owned businesses in California’s Santa Barbara and Ventura counties.
Its real draw is the hands-on experience that other microlenders typically don’t provide. In addition to loans, it offers training courses to help entrepreneurs master the basics of running a business.
But it can take over four weeks to get your funds, and it charges more fees than your typical microlender.
WEV requires business owners to meet the following requirements:
If you haven’t already owned a business, you must complete WEV’s 14-week Smart Entrepreneurial Training (SET) course or show that you’ve received equivalent business training somewhere else. If you want an expansion loan, your business must be around for at least one year.
WEV offers the tools to make sure that business owners are set up for success — and goes beyond what many other microlenders offer. You can’t receive funding if you don’t have business training, which WEV offers on a sliding scale.
When you apply, WEV takes a close look at what you need to make sure you’re getting terms your business can work with. The upside is you can get approved even if you have bad credit, are just starting out or don’t have a Social Security number.
You can get started on your application through the WEV website. Follow these steps:
If you’re applying for over $5,000, WEV will reach out to have you present your business plan to its loan committee.
It can take between four and six weeks to get your funds if you’re applying for a loan under $5,000. Loans over that amount can take as long as eight weeks just to receive a decision.
How much documentation you need to provide depends on how much you want to borrow. Here’s what you need to have on hand at a minimum:
For loans over $5,000, you also need to provide a written business plan and a repayment plan for the loan you’re applying to take out.
WEV doesn’t state how exactly loan repayments work on its website. But you can find the terms of your repayments in your loan contract. If you have any questions or concerns, contact customer service by calling 805-667-8004.
Read our guide to business loans for women to compare more options. Or find other ways to fund your company with our general guide to business loans.