The application period for this program is currently closed. Please check back with us on our website and in our newsletter to get details regarding the next cohort of the Forgivable Business Loan & Consulting Program.
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 Business Loan and 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 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).
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
Eligibility
Each individual cohort for the Forgivable Business Loan & Consulting Program has unique eligibility requirements, determined in collaboration with WEV and the Funder for the cohort. All eligibility requirements for each cohort will be clearly described when the Application Period is open.
Applicants are only eligible for one Forgivable Business 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.
Detail about application requirements will be provided when the next Application Period is open.
"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
