Just as the Thomas Fire, Montecito Debris Flow and Hill/Woolsey Fires pushed Santa Barbara and Ventura county small businesses to the brink of collapse, the COVID-19 pandemic is significantly affecting the economic vitality these businesses bring to the community. Local non-profit Women’s Economic Ventures (WEV, www.wevonline.org) primarily serves micro-businesses, defined as those with fewer than five employees and less than $1 million in annual revenues, by providing business training, coaching, and loans to more than 300 local business owners each year.
Most small businesses do not have the cash flow, reserves or insurance coverage to withstand a short-term interruption in sales, much less the indefinite impact of a national health crisis. As with the previous natural disasters, WEV’s business resources, guidance, financial training, support and Quick Response Loans are available to help local businesses adapt and survive during these challenging times. Since the virus first began to impact the region, WEV has experienced a significant influx of calls from business owners seeking both advice and emergency funding.
Many small businesses will need support now and in the coming months. WEV is assisting business owners through a Response Line (English 805-456-2342, Spanish 805.908.0096) and a Quick Response Loan program. Quick Response Loans offer financial support and assistance to businesses experiencing economic hardship as a result of the COVID-19 pandemic. WEV loans up to $10,000 with no payments for the first three payment cycles will help business owners, like Moes, adapt in unpredictable times. For information on Quick Response Loans visit loans.wevonline.org/qrl.
WEV CEO Kathy Odell says, “Our local small business community will not survive this catastrophe without immediate, locally driven relief efforts. During the recent natural disasters, only a third of SBA Disaster Loan applications were successful, and even those who were approved had to wait weeks to receive their funds. We want small business owners to know they can reach out for help immediately and that WEV, as well as agencies like SCORE and EDC are available to help with the rigorous SBA loan application.”
Women’s Economic Ventures is a non-profit dedicated to creating an equitable and just society through the economic empowerment of women. WEV provides training, consulting and loans to help entrepreneurs start, grow and thrive in business. WEV serves Santa Barbara and Ventura counties. While WEV targets its services toward women, it helps men as well. Services are provided in both English and Spanish.