At a conference recently, a reporter asked me who I thought was doing a good job at providing capital to businesses owned by women. While women-owned businesses represent nearly 50% of all businesses in the US, they receive a disproportionately small percentage of both loans and equity investment. So the question was an important one.
My answer was the "Make Mine a $Million Business" program sponsored jointly by Count Me In for Women’s Economic Independence, OPEN: The Small Business Network from American Express and The Women’s Leadership Exchange. It’s a nationwide competition set up to help women-owned businesses reach the all important $1 million revenue mark by providing loans of $45,000.
The answer surprised her. How can a loan for “only” $45,000 make a real difference? Because the loan comes with something that all businesses need — a team of mentors that can really accelerate the business’s overall growth. When Make Mine a $Million Business calls the mentors they provide a “dream team” it’s not hype. These are people that most business owners can only dream of having as board members.
One of the winners at the recent WLE conference in Dallas was Mary Childers, whose business is ProServe Laundry Maintenance. Her clients are businesses that have industrial laundries on premises. The laundries she maintains are in places like hotels and hospitals. And the team of mentors that came with her $45,000 included the cfo of Wyndham Hotels and the head of Wyndham’s diversity supplier program. When this dream team was announced, Mary looked as if she’d died and gone to heaven. I’ve got no doubt that the opportunity to work with these people is what mattered most to her. And, I’m sure that Mary’s business will more than exceed $1 million with this award. The other two winners were as excited.
So, which is more important, money or mentors? You need both. And, who you get them from is the most important factor.
The program hits four more cities this year — Chicago, Long Beach/LA, Atlanta and New York.