Our team at Pacific Community Ventures is excited to announce the Oakland Restorative Loan Fund – $2.5 million in free, zero-interest small company loans. Loans are available from $10,000 – $100,000. This special program is thanks to community investments from UCSF and the Town of Oakland, with grant support from Bank of America's Neighborhood Builders program, Citi Foundation, Battery Powered, and GoFundMe. This fund can help combat gentrification and displacement, and support business owners as federal and state grant programs start to end. As with all PCV loans, there are no application fees and no minimum credit score to apply.
Apply today
As much as 10% of California smaller businesses owned by people of color have permanently closed since 2022 — and also at the same time frame, people of color have make the highest number of new business applications in 2022. PCV is committed to doing everything we can to support an inclusive recovery. Through September 2022, 84% of PCV's loan capital has gone to women and/or BIPOC-owned businesses, and 85% has gone to small businesses located in economically distressed areas. Nevertheless, more must be done.
“The pandemic hit our Town hard, using the economic and health crises falling hardest on BIPOC communities,” says Bulbul Gupta, President and CEO of Pacific Community Ventures. “The hesitancy to take on debt is much more heightened, but entrepreneurs are striving to have their companies open, plus they need capital — they're still being denied by banks every day. We hope the Oakland Restorative Loan Fund may serve as a model for community investment combining private capital with philanthropy to support restorative racial and economic justice.”
PCV's loan program is there for small businesses which have been most excluded in the traditional financial system and many SBA programs, for example Black, Latinx, Indigenous, and AAPI-owned businesses, women and LGBTQI+ business owners, returning residents, immigrants and refugees, along with other low-income communities.
These are business owners like Keba Konte of Oakland's Red Bay Coffee. They're successful, yet can't secure bank loans big enough to grow their businesses, and also the amount of funding available from most microlenders just isn't enough. Entrepreneurs like Keba create stronger jobs and stronger communities. “”I started my entrepreneurial journey to create specialty coffee more available to a broader audience of underserved people while building in fair relations along the entire value stream,” Keba says.
Red Bay Coffee's business design comes in a crucial time in Oakland's history when working-class people – and individuals of color, in particular – are becoming priced from their neighborhoods. Keba hopes that because they build an effective business and paying livable wages, he is able to allow them to stay. PCV has been proud to work with Keba and the Red Bay team for several years now.
As a lender focused on restorative capital, PCV doesn't need the absolute minimum credit rating to apply. This special program is only available while funding lasts.
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During this initial launch from the program, we are intending the very first $2.5M to reach BIPOC + AAPI-owned businesses located in the Fruitvale area, West & East Oakland, North Oakland within the Temescal Business Improvement District, and Chinatown. We're hoping to open this program to more small businesses in neighborhoods all over Oakland once we raise more capital. If you want to help by partnering around, or funding the development from the Oakland Restorative Loan Fund, contact us here.
