Even in the best of times, minority- and women-owned small businesses can struggle to stay afloat. When there are bumps in the road, many small businesses do not have the cash flow, reserves or insurance coverage to withstand a short-term interruption in sales.
More than three decades ago, Women’s Economic Ventures (WEV) was founded on a commitment to support the economic success of women- and minority-owned businesses along California’s central coast. The organization continues this commitment by providing a robust continuum of services, from short-term specialty training and counseling programs to comprehensive business planning and long-term advising, all of which are complemented by a loan program targeted to entrepreneurs who don’t have access to traditional financing.
Today, WEV is helping entrepreneurs in Ventura and Santa Barbara counties tackle the social and economic challenges they face by providing the tools and resources needed to create and sustain viable businesses. In addition to classes, business owners can take advantage of short-term advisory services, individualized bookkeeping training and ongoing business consulting, all offered in English and Spanish. Since funding continues to remain elusive for many small businesses, WEV offers grants and low-interest loans to finance a variety of business strategies, including marketing, website upgrades and hiring, while a forgivable loan program assists owners who need capital but are hesitant to take on more debt.
A resource for women and minorities looking to start, grow or improve a small business since 1991, WEV has provided training, advisory services and funding to more than 20,000 people, including more than $9 million in small business loans and grants.
Bank of America has supported an expansion of WEV’s programs, including training and coaching to improve entrepreneurs’ financial skills, knowledge and confidence, and low-interest capital and grants. The support for WEV is an example of how, from entrepreneur funding and expanding homeownership to professional skills training and healthcare access, Bank of America continues to partner with innovative leaders to help communities implement solutions to society’s important challenges.
