We Fund The Small Business Loans You Can’t
No lender likes to be in the position of sitting across from a business owner who’s running a great company and telling them you can’t provide them a loan because they don’t check every box on a list. Pacific Community Ventures is a nonprofit lender that can serve the small business owners you may not be able to. We specialize in working with small business owners who’ve had a hard time accessing capital, like female entrepreneurs, immigrant entrepreneurs, entrepreneurs of color, and borrowers that may have been turned down for SBA or traditional bank loans due to their credit score or lack of collateral.
Benefits To Your Bank or Credit Union
- Give all of your non-qualified clients a nonprofit lender they can turn to
- A new channel for your business: we’ll refer all bank- or SBA-ready clients back into your pipeline
- For business owners who need some assistance, we can pair your clients with a mentor or advisor from our pool of thousands of active pro bono professionals
- Drive equity with our unique focus on women, people of color, veterans, and people with disabilities
- Uniform brand and client experience with a customized landing page for your company
Our Loan Criteria
Pacific Community Ventures offers small business loans and microloans in amounts from $10,000 to a maximum of $200,000. We work with California companies that have been in business for at least 12 months, and have got at least 1 employee (part- or full-time). There are no minimum credit scores for consideration. Businesses should be profitable at the time they apply. It’s ideal if a business can show at least 6 months of ongoing profitability, but it’s not required.
How It Works
Our network of partners includes national banks, community banks, credit unions, and community development financial institutions (CDFIs) all across California.
Fill out a Pre-Application
Your client tells us a few basic things about themselves and their business. After they submit the pre-application, our small business lending team will contact them within 24 hours to schedule an introductory call to discuss their business and the purpose of the loan in greater detail.
Send in Documents
After our phone call, we’ll usually ask for up to two 2 years of financial statements, an income statement and balance sheet, and a simple Personal Financial Statement, as supplied by PCV. Depending on what your client is using their loan for, we may need to review some other documents like a lease agreement (if moving locations or expanding), business loan agreements (for any pre-existing liabilities, especially if they’re reconsolidating debt), or additional financial documents (like company debt schedules, or projections.)
A Quick Decision
Once we’ve reviewed your client’s documents, we’ll make a decision on the loan. That process usually takes between 1 — 3 business days, during which time we’re in contact with the client so there are no surprises. Once the loan is approved, we’ll move to closing and let your client know next steps.
Keba Konte has demonstrated his commitment to creating good jobs for people in Oakland, California. In fact, over the years he’s created over fifty jobs through three enterprises. But, when he went to his bank to secure funding to open a new wholesale coffee roastery and cafe, he was turned down.