EXPLORING PACIFIC COMMUNITY VENTURES
Robert ( Bob ) Porter , PVC ’ s Chief Lending Officer , sat down with us to share his insights on how small contractors in the East Bay can use PCV ’ s low-interest loans , business advising , and free expert guidance to seize opportunities and overcome challenges .
Originally from the rural Midwest , both sides of Bob Porter ’ s family include blue collar workers and small business owners . He himself has owned a small business in the past . “ I know first-hand how hard it is to get capital , especially when resources are more limited ,” he notes . During a decade spent working in the banking industry , Bob witnessed how traditional finance sources were not showing up in any real capacity for small business owners . He observed that “ traditional finance is faced with a variety of internal and external pressures , making it challenging for small businesses to access capital .”
When Bob learned about PCV ’ s model , he recognized an opportunity to apply his own entrepreneurial and banking background to help small businesses . “ There are some very effective financial institutions throughout California , however , they do not serve the entire small business market – many small entrepreneurs remain underserved , which is where PCV and other Community Development Financial Institutions ( CDFIs ) come in ,” he reflects . A CDFI is a nongovernmental financial institution which exists primarily to support community development by providing affordable financing and business development services .
One of the first such impact investing organizations in the country , PCV celebrated its 25th anniversary last year . Originally launched in 1998 as an equity investment firm , PCV saw that many small business owners – such as bakers , drycleaners and other main street businesses – were looking for loans to solve specific business challenges or to support continued growth . So , in 2004 , PCV created their small business lending program , which offers below-marketrate loans for small business owners , paired with no-cost business advising and mentorship . Examples include matching a small business owner to an internet technology expert for SEO optimization guidance , or to a QuickBooks specialist for mentorship on setting up financial recordkeeping systems .
“ Our services complement those offered by MWIS [ Merriwether and Williams Insurance Services , a Hub International Company ],” says Bob . The contractor development and bonding programs that MWIS administers for a number of metropolitan agencies , including the County of Alameda , assists local
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