
The Oakland Restorative Loan Fund
$2.5 million in zero-interest loans are now available to BIPOC or AAPI-owned business through PCV’s new Oakland Restorative Loan Fund. This special program is thanks to community investments from UCSF and the City of Oakland, with grant support from Bank of America’s Neighborhood Builders program, Citi Foundation, Battery Powered, and GoFundMe. This fund can help combat gentrification and displacement, and support business owners as state and federal grant programs begin to end. There are no application fees and no minimum credit score to apply.
If you have questions or need help in a language other than English, please email lending@pcvmail.org and we’ll work with you over the phone in Spanish, Cantonese, Tagalog, or any other language you need support in.
Details Of Our Special Loan Program:
- Loans and microloans from $10,000 to $100,000
- Loans can range from 1 – 5 years
- 0% interest rate
- No fees of any kind
- No penalties for early repayment of loans
- No minimum credit score required for consideration
- BIPOC or AAPI-owned business located in the Fruitvale area, West & East Oakland, the Temescal Business Improvement District, or Chinatown
Apply Now
Take 5 minutes to tell us about yourself and your business. If you meet our initial eligibility criteria, you’ll receive an email with a link to our loan application platform, Lenderfit. Please click the link in that email and make an account. Please make sure you check your junk folder if you don’t receive it. Please note that your application is not complete until you create your Lenderfit account. Once you’re logged in, you’ll see a checklist outlining the underwriting process as well as the items we will need you to submit along the way. You can send any questions you have directly through the message feature on the Lenderfit portal.
To process your small business loan application, you’ll be asked to upload your three most recent business bank statements and your 2019 & 2020 tax return or a basic profit and loss (P&L) statement, and to complete a credit report authorization form. If you don’t have a P&L and need some help, here’s a step-by-guide to put one together.
PCV’s loan program is there for small businesses that have been most excluded from the traditional financial system and many SBA programs, such as Black, Latinx, Indigenous, and AAPI-owned businesses, women and LGBTQI+ business owners, returning residents, immigrants and refugees, and other underestimated communities.
Our loans include small grants for every improvement a small business owner makes in offering dignified good jobs for their employees – such as a living wage, paid time off, health insurance, and more. Our borrowers also have access to our network of 2,000+ pro bono business advisors for free coaching on financials, marketing, or how to advance worker health alongside business health.
Help Expand The Oakland Restorative Loan Fund
During this initial launch of the program, we are intending the first $2.5M to reach BIPOC + AAPI-owned businesses based in the Fruitvale area, West & East Oakland, North Oakland in the Temescal Business Improvement District, and Chinatown. If you want to help by partnering with us, or funding the expansion of the Oakland Restorative Loan Fund, contact us here.