EXPLORING PACIFIC COMMUNITY VENTURES
required information includes your business and contact information , profit-loss statement , and a couple of years ’ worth of tax returns . 99 % of our borrowers use their mobile devices to complete the application process .”
PCV ’ s team is automatically alerted as soon as an applicant uploads documents into their system , allowing them to promptly review them and to reach out if , as Bob states , “ the applicant accidentally uploaded a photo of their dog instead of their profit-loss statement .” A built-in instant messaging system enables PCV ’ s team and applicants to communicate with each other , quickly addressing questions or providing needed information . “ Once a document as been reviewed and accepted , the program shows a checkmark next to that step , so that applicants can follow along and see what is being processed , so that they are not left wondering about the status of their application .”
While PCV doesn ’ t make equipment loans , their loans fund working capital , which can be used for equipment , materials , labor or , as Bob outlines , “ whatever the contractor needs to start and complete the project . We provide the funding and repayment schedule and the contractor must use the funds in a manner appropriate for business growth .”
Part of PCV ’ s mission is to ensure that qualified contractors are not held back by lack of access to capital . Having access to working capital makes it possible for contractors to take on larger projects and grow their businesses . Bob shares that a woman-owned lighting contractor that PCV has provided with financial backing was able to hire two new employees , and over time , an upstate roofing company is adding four new employees .
In addition to loans , the free business advising that PCV offers is highly individualized , distinguishing it from the SBA ’ s more general business advice . “ Our mentorship is very specific ,” reflects Bob . “ After bringing in more employees , one business owner may need assistance on setting up a retirement program , while another may need strategic planning coaching . Accessing this level of expertise usually costs hundreds of dollars per hour and most small businesses cannot afford that kind of outlay , so we have hundreds of volunteers at any given time to help small businesses with their particular challenges .”
The third portion of PCV ’ s program is the Good Jobs Innovation Lab , which Bob describes as using research and analysis of PCV ’ s internal as well as external data and behavioral economics to design more effective services , products and communications to help small businesses
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