Progress MN: WomenVenture – Finance and Commerce

Mission: Nonprofit helps women attain economic self-sufficiency through the creation and growth of profitable and sustainable businesses Based: 2021 E. Hennepin Ave., Suite 200, Minneapolis Founded: 1977 Executive director: Elaine Wyatt Employee count: 16 Website: http://www.womenventure.org/index.html

In 2016, WomenVenture helped women launch or strengthen more than 600 businesses, producing $47.5 million in gross sales and creating or retaining more than 1,300 jobs.

Perhaps the most significant number is the median wage of more than $27 an hour that those jobs paid, Women Venture executive director Elaine Wyatt said.

The wages that the women are paying themselves and their employees, thats one of the places where we feel like we really stand out in the market, Wyatt said. Our goal for every woman that comes to us no matter what her business idea, her education or her income level is that whatever business that she creates really is going to pay her a living wage.

With a view of using business ownership as a pathway to wealth, WomenVenture offers classes, consultation and networking opportunities. WomenVenture in particular aims to serve low-income women and women of color, who have accounted for 60 percent and 40 percent of clients, respectively, so far in 2017, Wyatt said.

WomenVenture also provides access to capital. Last year it lent nearly $600,000 to 20 new business clients and partnered with local banks to help clients access more than $5 million in capital. A special interest is helping women who have had credit problems or lack assets to obtain financing, Wyatt said.

They may be struggling because they need some capital to hire an employee, buy a piece of equipment or go into a space, whatever it is thats holding their business back, Wyatt said.

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Progress MN: WomenVenture - Finance and Commerce