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Pacific Community Ventures approves First Borrower in Program Supported by SBA

Advisory Date: Friday, February 8, 2013
Release Date: Tuesday, February 5, 2013
Release Number: 13-01
Related State:
California

News Release

SAN FRANCISCO DISTRICT OFFICE                                                                                            

Release Date: February 1, 2013

Contact:  Marlow Schindler (415)744-6771

Release Number: SFDO 13-01

Internet Address: http://www.sba.gov/ca/sf

 

Pacific Community Ventures approves First Borrower in Program Supported by SBA

Bay Area community lending organization makes first of many loans up to $150,000 under new Intermediary Lending Pilot Program

 

SAN FRANCISCO – The U.S. Small Business Administration’s (SBA) San Francisco District Office recognizes San Francisco-based Pacific Community Ventures’ (PCV) approval of its first Intermediary Lending Pilot Program (ILPP) loan through the PCV Small Business Advising Integrated Lending Loan Fund (SAIL Fund) to Interior Design Fair (IDF).

IDF’s founder Kassin Laverty has built the up-and-coming interior design firm steadily since 2010, working with high-profile commercial clients like Air BnB and Nerdwallet as well as residential clients to design and furnish dream offices and homes.

“The ILPP is an important tool to support local businesses,” said SBA San Francisco Office District Director Mark Quinn. “This program is designed to expand access to capital to small businesses and drive economic growth and job creation.”

PCV’s SAIL Fund provides debt capital and resources to high growth Bay Area businesses that create jobs and opportunities in lower income communities.  PCV SAIL loans can be made for a minimum of $50,000 and a maximum of $150,000.  PCV launched the SAIL Fund in 2012 as one of twenty organizations selected nationally to participate in the Small Business Administration’s ILPP.

“PCV is one of the first organizations to fully integrate pre-loan technical assistance, debt capital and post-funding business advising through the full term of the loan, to support small business owners and ensure that capital is deployed effectively to yield profitable business growth and sustainable job creation,” said Carolyn Clarke, Chief Financial Officer at PCV.

Authorized under the Small Business Jobs Act of 2010, the ILPP provides direct loans of up to $1 million to community organizations or intermediaries, which in turn have been used to help finance small businesses, mostly in underserved markets.

The San Francisco SBA District Office covers Alameda, Contra Costa, Del Norte, Humboldt, Lake, Marin, Mendocino, Napa, San Francisco San Mateo, Santa Clara, Santa Cruz, Solano, and Sonoma Counties. In Fiscal Year 2012, the District guaranteed over 1,500 small business loans valued at $807 million.  125 banks, credit unions and community lenders participated in this program. Annually, the San Francisco District Office facilitates over 1,000 training events for over 50,000 Bay Area small businesses or prospective businesses from SBA resource partners.

Pacific Community Ventures

Pacific Community Ventures builds responsible small businesses to create jobs and opportunities in lower income communities. Pacific Community Ventures accomplishes this mission through three core initiatives, Business Advising, InSight, and the provision of small business capital. Since the organization’s founding in 1998, Pacific Community Ventures has helped more than 1,300 entrepreneurs to create or maintain nearly 25,000 jobs in California. To learn more, visit www.pacificcommunityventures.org.

 

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