For more information about the Women’s Entrepreneurship Initiative, visit www.weiatlanta.com. Applications will be accepted after Feb. 9.
For information about Goldman Sachs’ 10,000 Small Businesses program, visit www.10KSBapply.com.
Mayor Kasim Reed and Goldman Sachs announced two programs this week for female and small business owners who need a little boost.
The first, Atlanta’s Women’s Entrepreneurship Initiative, or WEI, will provide women-owned businesses selected for the program with office space, resources and counsel from female business leaders. Microsoft is providing software, coaching and grants to the institute through a Microsoft Innovation Center, or MIC, which will be housed with WEI in Atlanta’s Flatiron building.
Goldman Sachs is also offering loans to Atlanta businesses through its 10,000 Small Businesses program. The financing firm is partnering with the nonprofit Access to Capital for Entrepreneurs to distribute $3 million to qualifying companies. Loans will range between $50,000 and $250,000. Both female and male businesses are eligible.
Reed said both initiatives will help Atlanta’s entrepreneurs and strengthen the local economy.
“I promised we’d make sure Atlanta would continue to be a city where you can bring and build your dreams,” Reed said. “Today is another step in that direction.”
David Fox, head of Goldman Sachs’ Atlanta office, said: “Getting capital into the hands of small business owners is critical in helping them grow their businesses and create jobs.”
The city’s WEI incubator program, nearly two years in the making, is now seeking 15 women for its first 15-month program. It’s funded by a public-private partnership, with $100,000 grant established by the developers of the Flatiron Building. Invest Atlanta, the city’s economic development agency, gave the developers $1.5 million to renovate the building, with the WEI grant and workspace as a condition of the forgivable loan.
WEI board members include Home Depot CFO Carol Tomé, Cinnabon President Kat Cole, Leapfrog Services CEO Claire “Yum” Arnold, and ACE founder Grace Fricks, among others.
Fricks, who is working with both programs, said small business owners face far tougher challenges accessing capital than in years prior to the recession. Banks typically require good financial standing and collateral, but many small business owners depleted their cash reserves, used their home equity and maxed out credit cards to stay afloat during the worst of the recession.
Fricks said the women in WEI will be eligible for the Goldman Sachs funds, as are other small businesses.
“I think that Goldman Sachs stepping up to the plate is going to prime the pump for investment,” she said.
About the Author
