July 13, 2005

Circ. 124,990

 

Objective: millionaire businesses in the hands of women

 

Program will give coaching and loans to women business owners with potential of growth

 

Eighty-one percent of women small business owners in the Los Angeles area are optimistic about their company’s growth prospects over the next six months according to the following survey. Yet many women-owned businesses lack access to mentoring, money and marketing resources needed to fuel growth and become million-dollar businesses as indicates the survey from OPEN the Small Business Network from American Express.

 

To develop those resources, two powerhouses for women entrepreneurs have teamed with OPEN,  to launch the Make Mine a $Million Business program to help women across the country build million-dollar enterprises by equipping them with a variety of resources

 

The Make Mine a $Million Business program offers a combination of one-on-one business coaching, networking opportunities and loans to awardees

 

Through this program a group of mentors and business advisors will counsel each award recipient for one year.  Together, the advisors and awardees will craft a specific plan for growth, and will mentor the award recipients on issues ranging from operations to marketing to financing.

 

This national pilot program will continue to roll out across the United States until 15 of the country’s most promising women business owners receive an OPEN from American Express Make Mine a $Million Business Award, which includes a business loan of up to $45,000 from Count-Me-In and the year of focused business mentoring.  Fifteen runners-up will receive loans of up to $20,000. 

 

Make Mine a $Million Business is a collaboration among Count-Me-In for Women’s Economic Independence, a not-for-profit organization dedicated to increasing women’s access to credit and capital; the Women’s Leadership Exchange (WLE), an educational and networking company that conducts conferences for women business owners across the United States; and OPEN from American Express.

 

"This program will help create clear pathways to move high-growth-potential women entrepreneurs from micro- to million-dollar enterprises," said Nell Merlino, co-founder, president and chief executive officer, Count-Me-In. “Women continue to face tremendous challenges in securing financing for business growth. Sixty-six percent of women who come to the Count-Me-In web site have been turned down by three to five banks in the past year."

 

According to the OPEN Survey, In Los Angeles, four in ten (39%) women business owners say they face barriers to securing the financing they need to grow their businesses. Of that group, respondents cite overwhelming paperwork requirements as the greatest barrier (11%); 9% cite low credit scores and 8% claim limited knowledge of financing resources as key barriers. 

 

One in five (20%) women business owners in Los Angeles report having been denied a loan or line of credit

 

“These barriers are part of the reason why, nationally, just three percent of women-owned companies are million-dollar enterprises, compared to seven percent of all men-owned companies,”* said Alexa Brownell, director, Advocacy Marketing, OPEN from American Express.

 

 “The Make Mine a $Million Business program is designed to help women overcome these barriers and provide entrepreneurs with not just the money, but also the mentors and contacts who will guide them, encourage them and help them thrive.”

 

Six awardees have already been named at the WLE conferences in Dallas (April 5) and Chicago (May 10).  The remaining awardees and runners-up will be chosen at the WLE conferences in Long Beach and Atlanta (September 21). 

 

The program will culminate at a New York event, which will be announced at a later time

 

More information: