• Mar 02, 22
• spencergregory
• Revolving Loan Fund Directory
• 0 comment

The Small Business Loan Fund (SBLF) was established by Women’s Economic Ventures in 1995 with a Grant of $75,000 from the City of Santa Barbara and $225,000 in matching funds from seven local banks (Santa Barbara Bank & Trust, Montecito Bank & Trust, Northern Trust, Mid-State Bank, Community West Bank, City Commerce Bank, and California Thrift & Loan). The goal of the Loan Fund is to diversify and expand the local economy and create new jobs by providing start-up and expansion capital to small businesses that do not qualify for conventional bank financing. SBLF loans are targeted to low and moderate income men and women, minorities and others who have been traditionally underserved by lenders.

Who is eligible?

In order to apply for a loan from the SBLF, the applicant must: – Have received business training or education OR have completed the Self-Employment Training program through Women’s Economic Ventures OR have demonstrated business experience and/or time in business.

• Have a written business plan.
• Own and control at least 51% of his or her business.
• Reside within Santa Barbara or Ventura County for at least one year.
• Be a U.S. citizen or legal permanent resident.
• Be able to accept the SBLF loan terms.

How much can I borrow?

• Business Start-up Loans: Between $1,000 and $25,000 can be borrowed subject to SBLF Loan Committee approval.
• Business Expansion Loans: Between $5,000 and $50,000 for businesses that have been in operation for more than 1.5 years.

All loans are subject to Loan Committee approval.

What can the money be used for?

Borrowed funds may be used for purchases of fixed assets, physical improvements to your place of business and operating expenses. Loan funds cannot be used to refinance existing debts unrelated to the business, for the purchase of real estate, payment of back taxes, or consolidation of loans. Contact Information Women’s Economic Ventures Address: 333 S. Salinas St City: Santa Barbara State: California Website: https://www.wevonline.org/