EXPLORING PACIFIC COMMUNITY VENTURES small construction contractors with understanding and meeting complex bid and project requirements , securing necessary bonding and financing , and growing their business skills , best practices and capacity to help ensure long-term success . As Bob points out , small businesses make up the bulk of job creation , so they are vital to the health of our local , state and national economies . According to the Small Business Administration ( SBA ), small businesses account for two-thirds or 67 % of new jobs added to the economy over the past 25 years .
While the SBA offers products and services beneficial to small businesses , Bob explains that the SBA ’ s underwriting requirements are determined on a national level , which makes it hard for many small businesses to qualify . “ If a small business owner hasn ’ t been in business long enough , or has other factors – such as medical debt or past due payments resulting from pandemicrelated financial hardship – then they will not be able to qualify for an SBA loan . The small business owners that PCV serves are those who may not qualify for SBA small business loans .” Because PCV ’ s underwriting is determined on a regional level , the organization is able to qualify small businesses using underwriting designed to help reach an approval when other lenders may not be able to do so .
In 2021 , with backing from UCSF and Starbucks , PCV launched the Oakland Restorative LOan Fund to offer 0 % loans with no closing costs to diverse , Oaklandbased small businesses , many of which were disproportionately affected by the pandemic . In 2022 , through all their loan programs , PCV lent out a total of $ 10M to small businesses , 98 % of which went to low and moderate-income communities .
East Bay contractors may be particularly interested in PCV ’ s Contractor Capital Loan , which offers contractors belowmarket rate loans at 5 %. “ We work closely with MWIS ’ Contract-Based Finance Manager , John Miller and Program Manager Jennifer Elmore ,” explains Bob . “ Once MWIS has helped contractors navigate requirements and submit a winning bid , we step in to provide the funds they ’ ll need to get the necessary workforce and materials to complete the contract while awaiting project payouts .” Because many small contractors don ’ t have enough cash flow to float these expenses while waiting to receive progress payments , contract-based loans are critical to their participation in public works construction projects .
Visiting PCV ’ s lending page is the first step to learning more about the loan application process . “ We have a relatively brief app-based process which guides you step-by-step ,” describes Bob . “ The
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