May 22, 2013 · Amelia Pentecost
SALINAS, Calif., (May 20, 2013) – Today, Pacific Community Ventures and Opportunity Fund, leading providers of business advising and micro-lending to entrepreneurs and small businesses, announced the two will provide an expansion of their services into California’s Central Coast region.
Spearheaded by Pacific Community Ventures Co-Founder Bud Colligan, the partnership will invest capital and business advising in small businesses throughout the region that are poised to grow and add jobs.
Born out of similar missions to create jobs and economic opportunity in traditionally underserved communities, both organizations have identified the Central Coast region, which continues to suffer a high unemployment rate, as a target for expansion. The two will work collaboratively to strengthen the region’s economy outside of its traditional industries, tourism and agriculture, by providing entrepreneurs strategic advice and capital to help grow their businesses and create new local jobs.
“As someone with deep roots in this region, I saw it as an ideal place to expand this proven model for community development,” said Pacific Community Ventures Co-Founder Bud Colligan. “There is a strong sense of entrepreneurship all along the Central Coast, but our small business owners need support in order to help grow our region’s economy and create local jobs. By providing that critical support, we can make huge strides towards putting people to work and empowering our local economy.” Colligan also serves on the Leadership Council of Opportunity Fund.
Already, the funds have provided microloans and assistance to a number of small businesses throughout the region, with loans ranging from $2,500 to as much as $100,000. In addition, entrepreneurs have been matched with access to a variety of business experts that provide those small businesses with critical, strategic, advice to help guide their growth and expansion into new markets.
Together, Pacific Community Ventures and Opportunity Fund will be working with local elected officials, community and business leaders to help expand their initiatives throughout the region.
About Pacific Community Ventures: Pacific Community Ventures (PCV) creates jobs and economic opportunity in underserved communities through the direct support of small businesses as well as by advocating for systemic change to increase investment in these underserved communities. PCV’s community of advisors, entrepreneurs and partner organizations provide small business owners with knowledge and resources to help them and their employees excel. PCV focuses on brick-and-mortar small businesses that have the potential to create quality jobs in underserved communities. Learn more at www.pacificcommunityventures.org.
About Opportunity Fund: Opportunity Fund is a not-for-profit social enterprise helping thousands of California families build financial stability using microloans for small businesses, microsavings accounts, and community real estate financing. Now California's leading microfinance provider, Opportunity Fund began based on the idea that small amounts of money and financial advice could help people make permanent and lasting change to improve their own lives. Since making its first loan in 1995, Opportunity Fund has deployed $280 million into low income communities. Learn more at www.opportunityfund.org.