NEW YORK - Count Me In for Women's Economic Independence, the first
online micro lender, today made history again when it presented its first
loans
at a special ceremony sponsored by American Express Small Business
Services.
The event, held at
Amy's Bread, a successful woman-owned business in New York City, introduced
Kristy Eaton of South Carolina, who will be using her $3,500 loan to grow
her baking business, "A Matter of Taste;" Geneva Francais, who plans to
start selling her special sauces to gourmet shops in and around Atlanta;
and Heather McCartney of the Bronx, who plans to expand the marketing of
her line of African-themed cookes, "Ethnic Edibles".*
Today's recipients
were selected using a new woman appropriate credit-scoring system that
more fairly evaluates a woman's business potential and life
circumstances, taking into account factors such as divorce or taking time
off to raise a family.
Giving Credit
Where Credit is Due
"Women own 38 percent of all businesses in this country, but still have
far less access to capital than men because of today's process," said
Nell Merlino, co-founder of Count Me In. "It's for women like Heather, Kristy
and Geneva that we've designed a new credit scoring system so that we can
greatly expand the number of women who qualify for financing. We couldn't
have done it without the help of companies like American Express, BP,
Crown Plaza Hotels and Resorts, and Verizon."
Count Me in
co-founder Iris Burnett added: "The new system also takes into account
the type of businesses women are apt to start. Women tend to start
smaller, service-related businesses which require smaller amounts of
start-up money, making them unattractive to traditional lending
institutions," she said.
Julie Halloran, Vice
President of American Express Small Business Services noted: "The first
Count Me In loan recipients represent a bold step forward, broadening
access to capital and transforming the nation's entrepreneurial
landscape. We congratulate these women for their initiative and drive in
creating and growing their businesses, and encourage other organizations
to become a part of history in the making."
National
Association of Women Business Owners to Mentor Loan Recipients
Members from the New York City Chapter of the National Association of
Women Business Owners (NAWBO-NYC), an organization dedicated to advancing
the interests of women entrepreneurs announced their commitment to donate
time to mentoring today's loan recipients.
Amy Scherber, owner
of Amy's Bread and a NAWBO-NYC member, will offer her support to fellow baker
Kristy Eaton. In only eight years, Scherber has grown her own business
from a tiny 650-square foot bake shop to a multi-million dollar wholesale
and retail bakery supplying New York's finest restaurants and stores. She also owns two New York City cafes.
"Like Count Me In,
NAWBO is about women supporting women," said Rosemary Bova, President of
NAWBO-NYC. "Our members are committed to helping these loan recipients
succeed by providing the encouragement and knowledge they need to start
and build their businesses."
About Count Me In
Count Me In for Women's Economic Development was created by Nell Merlino,
the force behind Take Our Daughter to Work Day, and Iris Burnett, a
former executive with USA Networks who helped start the White House Women's
Office. Count Me In is supported contributions from individuals,
organizations, corporations and foundations across the country.
Count Me In accepts
contributions and applications on-line.
Funds are distributed to women in the form of small business loans
ranging from $500 to $10,000 with fixed rates at 2% to 4% over prime and
repayment terms ranging between 12 and 36 months depending on the size of
the loan. Contributions can be made on the Count Me In Web site at www.count-me-in.org.
# # #
*Loan recipients:
KRISTY EATON: Count-Me-In's first loan
recipient, will use her $3,500 loan to expand her baking business into a
retail building, buy equipment and increase production. She began "A Matter of Taste," located
in Piedmont, South Carolina, after her mother's car broke down and the
mechanic wanted a cake as payment.
A divorced mother of two, Kristy spent a brief time on welfare, but is
now able to support her family.
GENEVA FRANCAIS:
Catering clients, friends and neighbors can't get enough of Geneva's
salad dressings and delicious meat marinade sauces. Geneva, who appears on the front page
of the Count-Me-In Web site, will use her $1,500 loan to build storage
shelves in her kitchen, so she can start selling to gourmet stores in and
around Atlanta. As a result,
Geneva will expand her earnings beyong her social security income.
HEATHER McCARTNEY: Founder
of Ethnic Edibles -- a company that produces cookies and cookie cutters
based on traditional African shapes and symbols - Heather will use her
$5,000 loan from Count-Me-In to help with packaging and marketing.
