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Women's Economic Ventures (WEV) has launched a Forgivable Loan and Consulting Program which provides a $10,000 Forgivable Loan paired with a minimum of 10 hours of free customized business consulting.
Deadline: September 29, 2023, 5:00 PM
Selected Business Receive:
Loan of $10,000, which will convert to a grant upon borrower’s completion of 10 hours of training and technical assistance.
Personalized business learning track with 10+ hours of training and technical assistance designed by WEV to enhance their financial and business management skills and increase the probability of their business’ survival and profitability.
For borrowers who do not complete 10 or more hours of training and technical assistance, funds remain as a loan with:
Term up to 60 months
6.5% interest rate
Interest-only payments for the first 6 payment cycles
Eligible Business Applicants Must:
Be located within the County of Ventura with a current business license from the city in which they operate
Have been in existence at least twelve months and have filed their 2022 tax return
Have earned between $25,000 and $500,000 in gross income (verified with 2022 taxes)
Be a business good standing (documents properly filed and current)
AND, identify as at least one of the following:
Businesses at least 51% owned by an individual or individuals who identify as Hispanic or Latino/x, American Indian or Alaska Native, Asian, Black, Native Hawaiian or other Pacific Islander, Indigenous, or Person of Color
Businesses at least 51% owned by Women
Businesses at least 51% owned by Veterans
Eligible Nonprofit Applicants Must:
Be headquartered in the County of Ventura
Have total revenue of $500,000 or less, as verified by prior-year 990 or 990-N and current-year budget
Have 501c3 Designation
Have EIN
Show proof of current 990 or 990-N Form filed with IRS
Be a nonprofit in good standing (documents properly filed and current)
This forgivable loan program is not administered by the City of Moorpark. For questions, please call WEV directly at (805) 965-6073.