The application period for the current Forgivable Loan and Consulting Program is closed. Keep an eye on this page for future program availability or subscribe to our newsletter below to receive email updates about WEV’s programs.
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), are located in the County of Santa Barbara, and whose household is low to moderate income.
Businesses will be selected for the program based on the quality of business plan and strategy 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
- 4.5% interest rate
- Interest-only payments for the first 6 payment cycles
To be eligible for a Forgivable Loan, applicants must:
- Be an established business (able to show at least 12 months of business financial activity)
- 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)
- Be a business located in the County of Santa Barbara
- Have low-to-moderate household income. Check your income level here.
Applicants are only eligible for one Forgivable Loan and Consulting opportunity regardless of how many businesses they own.
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
- 2021 business tax returns (Personal returns will be accepted in lieu of business returns if sole proprietorship. If 2021 is not filed, please provide a copy of the extension and 12/31/2021 Profit and Loss.)
- June 30, 2022 Profit and Loss statement
- Most recent business bank statement
- Copy of driver’s license or other government-issued I.D.
- Current business license
- Verification of Business Location (recent utility bill or mortgage statement; copy of lease)
"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