Forgivable Loan and Business Consulting Program

Loan Terms

Loan Amount


Interest Rate

6.50% Fixed


1% loan fee, 3rd party fees paid by borrower

Term Length

Up to 60-month repayment


First 6 payments interest only; remainder Principal & Interest

The application period for the current Forgivable Loan and Consulting Program will be open from 8:00 AM on April 3, 2023 until 5:00 PM on April 21, 2023. WEV will host Open Office Hours on Monday, April 17th to offer assistance with program applications; see below for details.


If you have received a WEV Forgivable Loan or a WEV grant through any of our other programs within the past two years, you are not eligible to apply for this program at this time.


Obtain business capital and work with a WEV Business Consultant

WEV’s Forgivable Loan and Business Consulting Program is a unique opportunity for small business owners looking to not only obtain business capital but also receive customized support and guidance from experienced business advisors. This program is open to applicants who identify as ethnic minority (Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or other Pacific Islander, Indigenous, or Person of Color), who reside in the City of Santa Barbara, and whose household is low income.

8 Forgivable Loan and Consulting opportunities are available for this application period. All eligible business owners are encouraged to apply. Awardees will be selected based on the quality and thoroughness of the application and applicant’s commitment to the consulting program rather than current cash flow.

Selected businesses receive:

  • Personalized business learning track with 10+ hours of training and technical assistance designed by WEV to enhance their financial and business management skills and increase the probability of their business’ survival and profitability
  • Loan of $10,000, which will convert to a grant upon borrower’s completion of 10 hours of training and technical assistance

For borrowers who do not complete 10 or more hours of training and technical assistance, funds remain as a loan with:

  • Term up to 60 months
  • 6.5% interest rate
  • Interest-only payments for the first 6 payment cycles


To be eligible for a Forgivable Loan, applicants must:

  • Be an established business
    • Must have been in business for at least 1 year.
    • Able to show business financial activity from January 2022 – December 2022.
  • Have a current business license
  • Be a business at least 51% owned by a person who identifies as an ethnic minority (Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or Other Pacific Islander, Indigenous, or Person of Color)
  • Reside in the City of Santa Barbara.
    • Residence must be verified with current utility bill, copy of residential lease or other documentation satisfactory to WEV.
    • Please refer to the Assessor Parcel Map here: City of Santa Barbara Address Verification to ensure that your residence is located within the required boundaries. The jurisdiction must say “City of Santa Barbara” for you to be eligible.
  • Not have received a WEV Forgivable Loan or a WEV grant from any other program within the past two years
  • Have low household income.
    • An Attestation of Income will be required as part of the application.
    • You can check your household income level here: 2022 Santa Barbara Income Limits. Please note that your annual household income must not exceed the “Low” income category highlighted in the link.

Applicants are only eligible for one Forgivable Loan and Consulting opportunity regardless of how many businesses they own.

Application Checklist

All documents must be submitted online or mailed/delivered to a WEV office during the application period. Incomplete applications will not be accepted.

  • Completed application form
  • 2022 business tax return (personal tax return will be accepted in lieu of business return if applicant is a sole proprietorship).
    • If 2022 taxes have not been filed, please provide 1/1/2022 – 12/31/2022 Profit and Loss statement for the business.
  • Most recent business bank statement
  • Copy of driver’s license or other government-issued I.D.
  • Current business license
  • Verification of residence (documents accepted include current utility bill, copy of residential lease, or other documents acceptable to WEV)
  • Attestation of Income (WEV will provide the attestation of income form)

Open Office Hours

Monday, April 17th
12:00 – 3:00 PM
WEV’s Downtown Santa Barbara Office
21 E. Canon Perdido St #301
Santa Barbara, CA 93101

Stop in any time during these hours to receive assistance verifying your eligibility for the program, ensuring you have all the proper documentation and other support with your application.

Register here for Office Hours details and reminders.

"The combination of capital and customized business coaching is powerful for small business owners, many of whom have never had the opportunity to work with a coach. Seeing the results has been inspiring!"

Marni Brook, WEV Director of Funding

What people are saying…



WEV has made it much easier on me and my business to thrive. The coaches assigned to me have been phenomenal. Not only knowledgeable in what their specialty is, but SO encouraging and positive.


Help and Support from the Beginning

Thank you so much for your help and support from the beginning! We are looking forward to continuing to get involved with WEV and being part of the programs.


Achieving Goals

Thank you so much! WEV has been part of my process to achieve my goals; still too much to do, learn, grow and share.