Wells Fargo Bank has earmarked, for a 10-year period, $10 billion in revolving and unsecured loans for women entrepreneurs. Loans between $500 and $50,000 are available to qualified candidates who’ve been in business for at least three years, but these entrepreneurs must show a profit at the time they apply for a loan.
Women’s Growth Capital Fund
1054 31st St. NW, Suite 110
Washington, DC 20007
Targets women-owned businesses that have operated for two or more years and have a product or service already on the market, revenue of about $500,000 and projected annual sales growth of at least 20%. Average investment: $500,000 to $2 million.
Organizations of Interest
The following organizations provide assistance to women and minorities in getting funding a
s well as managing a small business.
National Minority Supplier Development Council
1040 Ave. of the Americas, 2nd Fl.
New York, NY 10018
This organization represents over 3,500 corporations, including most Fortune 500 firms, who use minority suppliers of products and services.
National Association of Investment Companies
733 15th St. NW, Suite 700
Washington, DC 20005
A trade association of private investment firms that seek to invest in an ethnically diverse marketplace.
National Association of Women Business Owners
1100 Wayne Ave., Suite 830
Silver Spring, MD 20910
An organization for women entrepreneurs, with national and international affiliations. Membership benefits include partner/vendor discounts and specials, networking with local and national members, educational opportunities and public policy representation.
Doing It by the Book
Below are four recent books with ideas, information and resources to get you thinking creatively about financing your business.
“Business Angels: Securing Start Up Finance”
by Patrick Coveney
John Wiley & Sons, $71.95
This book features new findings from an Oxford University study of the informal venture capital market and gives clear and essential advice for entrepreneurs seeking funds from family, friends and private investors-the real “business angels.”
“Black Enterprise Guide to Starting Your Own Business”
by Wendy Beech
John Wiley & Sons, $19.95
A one-stop resource guide for today’s entrepreneur, this book gives you what you need to know to launch and maintain a solid business. Beech, former be small business editor, offers advice from defining your idea and writing a business plan to choosing a good location and financing your business.
“Financing Your Business with Venture Capital: Strategies to Grow Your Enterprise with Outside Investors”
by Frederick D. Lipman
Prima Publishing, $25
800-632-8676 or www.primapublishing.com
distributed by Random House
Written by a highly respected attorney who specializes in growing businesses, this book includes information on venture capital and an appendix with sample contracts.
“Where to Go When the Bank Says No: Alternatives For Financing Your Business”
by David R. Evanson
Bloomberg Press, $24.95
distributed by W.W. Norton
To order, call 800-233-4830
This book outlines the viewpoints of angels, as well as what is required to launch IPOs, alternatives to IPOs and where to find venture capital sources, while preparing borrowers for the reality: contacting sources, selling them on your business, putting a value on your business and writing a plan.
The websites that follow include home pages and links to sites with a wealth of information and ideas on raising capital, launching and managing a small business.
ABN: All Business Network
A guide to resources for