Women’s Economic Ventures will receive $ 105,000 in funding to help small businesses that have been negatively affected by the pandemic.
The grant, awarded by Wells Fargo’s Open for Business Fund and the National Association for Latino Community Asset Builders, will help increase access to capital for small businesses in low and moderate income communities, especially those owned by women. and minorities in Santa Barbara and Ventura counties.
WEV was selected as one of 15 nonprofit lenders across the country with a proven track record in providing small business lending and development services to low-income populations who have traditionally had difficulty accessing in the capial.
NALCAB, a certified community development finance institution, is the hub of a national network of over 140 member organizations that are institutions anchored in geographically and ethnically diverse Latinx communities in 40 states; Washington DC; and Puerto Rico. Its mission is to strengthen the economy by advancing economic mobility in Latinx communities. About 70% or more of the people served by the NALCAB network are Latinx, 20% are Black, and over 40% are immigrants.
The Open for Business Fund was established in 2020 to provide capital and expertise to businesses hardest hit by the pandemic. Wells Fargo is donating approximately $ 420 million in gross processing fees for its participation in the first round of PPP and has already helped some 148,000 small businesses maintain approximately 253,000 jobs nationwide through September 30 2021. The Open for Business Fund will continue to award grants to nonprofits serving small businesses until the end of 2021.
Women’s Economic Ventures is dedicated to creating a just and fair society through the economic empowerment of women. The Business Resource Network is for anyone looking to start a business, grow a local business, or improve their business skills.
WEV offers small business training, consulting services, financial education programs, and small business loans in Santa Barbara and Ventura counties. Although WEV focuses on women, it welcomes people of all gender identities. Courses, programs and business loans are offered in English and Spanish.
For more information, visit wevonline.org.