WOMEN'S WORK page 43
tain race or religion, cannot be a
factor in turning an applicant
down for a loan.
However, women tend to go
into different business areas
than men. According to recent
United States Labor Depart-
ment statistics, 9.6 percent of
all self-employed women are ser-
vice workers compared with 3
percent of men. Since these in-
dustries tend to produce intan-
gible services such as
consultations, it is harder for
lenders to understand what they
are being asked to fund, Ms. Pol-
lack said.
This leaves women to rely on
their own finances, home equity
loans or alternative financing to
start their businesses.
"Many, many, many female-
owned businesses are financed
on credit cards," Mr. Brophy said.
"They string them together and
then pay them off."
Once the business is up and
running, women face other chal-
Help Is Available For
Female Business Owners
JILL DAVIDSON SKLAR STAFF WRITER
Losing your patience with teller lines?
It's almost the 21st century. So why are most banks still operating like
it's the 18th? The time you or your employees spend standing in
old-fashioned teller lines could be costing you thousands of dollars!
That's why Franklin Bank offers modern banking options like our
"Express Deposit" lockbox, courier deposit pickup and EDI electronic
deposits. They're all part of the Total Package of financial services for
small and medium-sized practices.
Come over to the new thinking in banking. Call Franklin Bank today at
(810) 358-5170 and start saving money!
Franklin
Bank
N.A.
(810)358-5170
FDIC Insured
The new thinking in banking for business.
Southfield • Birmingham • Grosse Pointe Woods
TAKE YOUR BUSINESS TO A NEW LEVEL • • •
IMPROVE BOTTOM LINE PROFITS!
`WrdowsBasedAccartirg'
Leant about the LOW-COS 111/fiartsoft
Windows comixtfibk accouniin g sysian
capable ofcoadinaiit and r
agar all
acets o your businm
6251 Orchard Lake Road (In Sugar Tree) • West Bloomfield
1810) 851.7170
FAX (81018514176
SBT Pro Series 3.0i
Attend a FREE management seminar- RSVP to: Curt Hicks at 810 547 5540
Next seminar date: Morning & afternoon sessions on August 2, 1995
-
-
Up-to-the-minute business status at your fingertips.
Work with multiple open periods • Detailed audit trails
Graphical reports and financials • Computer generated forms
New powerful INTERNET sales order capability • Contact management
FAX directly - sales orders, invoices, quotes, collections, etc.
Center For Computer Resources
44
CCR • Berkley, MI
Microsoft.
SOLUTION PROVIDER
Larry Paul makes
FURNITURE
NEW.
Custom. Restoration,
LacdLiering,
Refinishing of new
or old ttimiitire.
antiques, (Alice
tt irniture.
ponos..
For Free
Estimates
(810) 681-8280
S
hirley Carp has never had
a problem with funding or
people's attitudes or find-
ing child care. As a media
host for authors on book tours,
her only complaint is the hours
she sometimes has to put in.
"It sounds glamorous but it is
work," she said, adding that 15-
hour days are not unusual. "You
have to make sure they make all
of their interviews and are at
their appointments on time."
Annabel Cohen and Julie
Aaron are virtually debt-free.
They have no business loans,
having financed their Southfield
catering business entirely from
their own bank accounts.
"We bought a truck because
we needed it. We paid for it at
once," Ms. Aaron said. "Now, we
only pay the car insurance a cou-
ple of times a year."
But while many female-
owned businesses operate with-
out a hitch, others seek help
regularly to maintain or expand
their businesses.
In 1988, President Ronald
Reagan signed legislation tar-
geted to address this need. The
legislation helped start pro-
grams for management train-
ing and technical assistance,
extended the protection of the
1974 Equal Credit Opportuni-
ty Act which outlaws discrim-
ination in business loans, and
developed and improved the
gathering and maintenance of
statistics on women-owned
business.
From that piece of legislation
as well as from existing Small
Business Administration and
private ventures, help for female
entrepreneurs is more prevalent
than at any time in the past.
"It is going to get easier for
women," said David Brophy, the
director of the office for the study
of private equity finance at the
University of Michigan's school
of business. "When they band
together and get into positions
of power, it will get easier."
The following is a partial list
of programs designed to aid fe-
male entrepreneurs and the
businesses they operate:
Michigan Small Business
Development Centers —
These community centers pro-
vide free personalized counsel-
ing and offer inexpensive
training programs for existing
small business owners and en-
trepreneurs.
• Wayne State University
and Satellite Subcenters
— (313) 577-4850
• Comerica SBDC —
(313) 371-1680
• Manufacturers Reach,
Inc. — (313) 869-2120
• NILAC-Marygrove
College — (313) 345-2159
• Walsh College-OCC
Business Enterprise
Center — (810) 689-4094
Women Business Owner Ser-
vice — A part of the Michigan
Targeted Services Group, it
seeks to support businesses
through the delivery of techni-
cal services, specialized business
development assistance and in-
formation to minority groups,
including women. The women's
division also seeks to influence
public-policy decisions and cre-
ate partnerships between pub-
lic and private sectors of the
female entrepreneur communi-
ty. For information, call (517)
335-3099.
Women's Business Owner-
ship Program — A program of
the United States Small Busi-
ness Administration, this office
coordinates federal efforts to sup-
port female entrepreneurs. In
doing so, it negotiates contract-
ing goals with each federal
agency, coordinates women-
owned business data collection
and produces publications to as-
sist female entrepreneurs. It also
staffs each district office with a
women's business owners rep-
resentative who works with fed-
eral resources to help female
business owners. For informa-
tion, call 1-800-827-5722. ❑