Women’s Economic Ventures receives $ 105,000 in funding to help small businesses adversely affected by the pandemic.
The grant, awarded by the Wells Fargos Open for Business Fund and the National Association for Latino Community Asset Builders, will help improve access to capital for small businesses in low and middle income communities, especially those in the Women owned and owned by minorities are located in Santa Barbara and Ventura counties.
WEV was selected as one of 15 non-profit lenders across the country with a track record of providing small business credit and development services to low-income populations who have traditionally had difficulty accessing capital.
NALCAB, a certified Community Development Financial Institution, is the center of a national network of more than 140 member organizations that are anchor institutions in geographically and ethnically diverse Latinx communities in 40 countries; Washington, DC; and Puerto Rico. Their mission is to strengthen the economy by promoting economic mobility in Latinx communities. Approximately 70% or more of those serviced by the NALCAB network are Latinx, 20% are black, and more than 40% are immigrants.
The Open for Business Fund was founded in 2020 to provide capital and expertise to companies hardest hit by the pandemic. Wells Fargo is donating approximately $ 420 million in gross processing fees from participating in the first round of PPPs and has already helped a forecast 148,000 small businesses retain an estimated 253,000 jobs nationwide through September 30, 2021. The Open for Business Fund will continue to give grants to nonprofits that support small businesses through the end of 2021.
Women’s Economic Ventures is committed to creating a just and just society through the economic empowerment of women. The Business Resource Network is aimed at anyone looking to start a business, expand a local business, or improve their business skills.
WEV offers small business training, consulting services, financial literacy programs, and small business loans in the Santa Barbara and Ventura counties. While the WEV’s focus is on women, it welcomes people of all gender identities. Business courses, programs, and loans are offered in both English and Spanish.
Further information is available at wevonline.org.