"From the first moment a woman dared to speak that hope -- dared to believe that the American Dream was meant for her too -- ordinary women have taken on extraordinary odds to give their daughters the chance for something else; for a life more equal, more free, and filled with more opportunity than they ever had. In so many ways we have succeeded, but in so many areas we have much work left to do." President Barack Obama

Startup

In 1991, WEV began providing self-employment training, technical assistance and microloans to primarily low-income women.   With offices in Santa Barbara and Ventura, WEV serves Santa Barbara and Ventura Counties. WEV’s program began as a four-week business orientation and peer-lending program providing loans of up to $1,500 to low-income women.  Today, WEV offers a comprehensive 14-week, 56-hour self-employment training program, business consulting, advanced training, coaching and networking opportunities.  WEV’s Small Business Loan Fund (SBLF) provides start-up loans of up to $25,000 and expansion loans of up to $50,000 to pre-bankable microenterprises. In 1991, WEV operated with one full-time and one half-time employee on a budget of $75,000.  Currently, WEV has 10 full-time staff members and operates with an annual budget of $1.2 million.  Funding comes from grants, contracts, fees, corporations and individual donors.

Success

In program year 2009, WEV provided training and support to over 1,200 women and men.  From 1991 to the present, WEV has served almost 4,000 clients in our self-employment program and over 10,000 clients in all programs. WEV has made over $2.2 million in loans to local, pre-bankable microenterprises. Five years of follow-up data from WEV clients indicate that within 18 months of program completion, 55% are in business and household income had increased an average of 40%.  Client business sales had increased by 67%. WEV clients generate an average of $77,000 in sales annually.  Owner's draw has increased by 75% and clients have accumulated $8,000 in average personal savings. In 2009 WEV successfully raised $1 million in new loan fund capital which is available to lend in 2010.  Since inception, more than 1,000 businesses have started or grown with WEV’s support, creating or retaining an estimated 2,000 jobs.

Significance

WEV has become one of the preeminent business organizations for women in the U.S.  WEV has increased its impact beyond our local community by licensing our curriculum and training trainers, mentoring young leaders, and providing consulting services to build the capacity of emerging organizations.  WEV staff members have provided entrepreneurial training for women in Hungary, mentored emerging women leaders from California and Nepal and have provided consulting in organizational sustainability to a women’s organization in Amman, Jordan. 

In 2004, WEV received the prestigious South Coast Business and Technology Excellence in Service Award and in 2005 was named the Small Business Advocate of the Year by the U.S. Small Business Administration and the Pacific Coast Business Times.  In 2006, WEV received the Fifth District Service Award from the Santa Barbara County Commission for Women as well as the Service Award from El Concilio of Ventura County. In 2008, WEV was selected by Maria Shriver, first lady of California, as a partner in the statewide We Invest Initiative. WEV is one of only three microenterprise organizations in the state chosen for this partnership to provide economic development to the women of California.

Stimulus

At Women’s Economic Ventures (WEV) our goal is simple:  to help businesses stay in business, drive other local businesses to them, retain jobs and create new ones. Today, WEV is expanding the scope of its services to assist women entrepreneurs throughout the business lifecycle: start up; launch; grow; and sustain.  WEV knows that only entrepreneurs have the flexibility, the freedom and the risk-everything ambition to find the path back to prosperity in a rapidly changing, technology-driven global economy