Access to Capital
 

and Credit
 

Expert Policy Workshop Series with Women Business Owners 

Recommendations for 

Growing Women's
 

Businesses 

Submitted to * the President * the Congress and * the Interagency Committee on Women's Business Enterprise 

by the National Women's Business Council 
••••••••••••••••••••••••••••••• 

The National WOlllen's Business Cowlcil 

September 1997 

To the President, Congress and the Interagency Committee on Women's Business Enterprise: 

The members of the National Women's Business Council are pleased to present to you Growing 

Women sBusinesses, the report of the Expert Policy Workshop Series: Access to Capital and Credit. 

Jointly hosted by the Council, the Federal Reserve System and the U.S. Small Business Administration, 

the workshops were convened in ten cities across the natiol1 during the summer of 1997. The workshops 

provided a forum to discuss, develop and reach consensus on policy recommendations to enhance women 

business owners' access to capital and credit. The more than 500 experts invited to participate in these 

sessions included women business owners, investors, lenders, government officials and regulators whose 

expertise and experience were instrumental in developing the innovative recommendations included in this 

report. 

In the spirit of our public-private sector partnership, we respectfully submit these recommendations. It is 

our hope in sharing these recommendations that, together, we can work toward their implementation. As 

more and more Americans, particularly women, choose self-employment, government has a greater role to 

play in creating an economic infrastructure that supports entrepreneurship and business development. 

Investing in the growth of women-owned flnns is critical to our future economic health as a nation. 

Faithfully, 

Lillian Vernon, Chair 

Chainnan ofthe Board/CEO 

Lillian Vernon Corporation 

Raydean Acevedo Association for Enterprise Opportunity
 

President/CEO Christine Benuzzi
 

RMCI
 

National Association for Female Executives 

Muriel Siebert Leslie Smith 

President 

Muriel Siebert & Company National Association of Women Business Owners 

Phyllis Hill Slater
 

Ella Williams
 

President/CEO National Council ofNegro Women
 

Aegir Systems Dr. Dorothy Height
 

Cheryl Womack Women's Business Development Center
 

Founder/CEO Hedy Ratner
 

VCW, Inc.
 
Table of Contents 

SECTION I:	 THE REpORT OF THE EXPERT POLICY WORKSHOP SERIES: 

ACCESS TO CAPITAL AND CREDIT 

SECTION ll:	 THE RECOMMENDATIONS FROM THE EXPERT POLICY 

WORKSHOP SERIES 

• ATLANTA, JULY 29: CREDIT-WORTHINESS: THE IMPACT OF CREDIT SCORING 

• BOSTON, MAy 29: THE ANGEL CONNECTION 

• BUFFALO, JULY 21: FINANCING FOR NEW ECONOMIC REALITIES 

• DALLAS, JUNE 17: FINANCING FOR GROWTH: THE SERVICE SECTOR 

• DENVER, JUNE 27: PRIMING THE ASSET PUMP 

• FARGO, AUGUST 14: BUILDING ASSETS 

• KANSAS CITY, JUNE 25: FINANCING HOME-BASED BUSINESSES 

• NEW ORLEANS, JULY 31: EMPOWERING WOMEN FOR ENTREPRENEURSHIP 

• SAN FRANCISCO, JULY 8: EQUITY MATTERS 

• SEATTLE, JULY 10: GROWING GLOBALLY 

SECTION III: ApPENDICES 

• EXPERT POLICY WORKSHOP SERIES PLANNING COMMITTEE 

• EXPERT POLICY WORKSHOP SERIES REsOURCE PARTNERS 

• EXPERT POLICY WORKSHOP SERIES PARTICIPANTS 

G~OW!NG WONm~'5

iJUS!NHHS 
The Report of the Expert Policy \\'OI'kshop Sel'ies: Access 10 Capital and Cl'c(lil 

In 1996, the National Women's Business Council and the 

Interagency Committee on Women's Business Enterprise released 

the latest statistics ofthe U.S. Census Bureau Survey ofWomen 

Owned Business Enterprises. The study recorded the extraordinary 

growth of the women's business sector during the 1980s. More 

recent studies have clearly documented the sustained growth and 

growing maturity of women-owned businesses. 

Consider these two indicators alone: 

•	 The number of women-owned start-up companies 

continues to outpace all business growth in each of the 50 

states. 

•	 Women-owned businesses have had a nearly 250 percent 

growth in revenues in the last decade. 

This tremendous growth in revenue demonstrates a growing 

maturity in women-owned businesses. It reflects the return on the 

limited investments of Federal and state policies to support women 

entrepreneurs. 

Most important, however, the growing success ofwomen-owned 

businesses illustrates the opportunity that we have to invest in 

growing women's businesses. We have much at stake and much to 

gain from identifYing and implementing effective strategies to 

invest in women-owned businesses and provide an infrastructure 

that will encourage their continued growth and development. 

'This expert workshop series truly 

demonstrates how a public-private 

partnership can bring about positive 

change for women business owners, 

the business community and all who 

benefit from astrong and prosperous 

economy." 

Aida Alvarez 

Administrator, 

U.S. Small Business Administration 

fhnONAl W~Ht\HI/S

BU$!N~sS (OUNG!. 

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The Report of the Expert Policy Workshop Sel"ies: Ac(~ess to Capital and C.'edit 

Government has a critical and active role to play in growing 

women's businesses. Government can serve as an advocate and 

initiator of policies and programs that will assist new businesses in 

preparing for and fmancing growth. A foundation has been laid. 

Initial government programs have produced remarkable results. 

Since 1993, for example, there has been a 300 percent increase in 

loans backed by SBA guarantees going to women. More recent 

initiatives, supporting women business owners' participation in 

private investment and export markets, have yet to yield measurable 

results. The anecdotal reports, however, demonstrate that these 

entrepreneurial programs match the needs of women business 

owners. 

This report identifies several new initiatives that will build on the 

Government's work to date and spur efforts to grow women's 

businesses. It is based on a series of ten workshops across the 

country sponsored by the Council and its public sector partners, the 

Federal Reserve System and the U.S. Small Business Administration. 

The workshops provided an opportunity for experts to share their 

experiences as lenders, investors, regulators, policymakers and 

women business owners and to collaborate on efforts to identify new 

solutions that will increase women business owners' access to capital 

and credit. 

Throughout the workshop series, a surprising number of participants 

were unaware of the wealth of services and programs now offered by 

the Federal government. The positive reports from women business 

owners who have already benefited from the mentoring services of 

Christine Cordaro, Founder 

and General Partner 

Aurora Venture Partners 

San Francisco, California 

Cordaro, who holds agraduate degree 

in bacteriology, was a director of lifesciences funding for a venture fund in 

the Silicon Valley before launching 

Aurora Venture Partners last year. The 

fund, which will target women owned 

businesses, recently signed on Bank of 

America as its first institutional 

investor. Cordaro is close to raising 

$10 million. 

"Ten years ago, this would not have 

been a good idea, n she says about 

targeting venture capital to women 

owned businesses. "Today, there is a 

growing number of women who have 

attained both advanced technical and 

business education, and/or have been 

executives in corporate America. But 

they generally lack a knowledge of 

venture capital, and lack the networks 

their [male] peers have. Women 

traditionally haven't been part of that 

circle. There are not alot of women in 

venture capital, and that creates a 

barrier to entry. 

"The government cannot compel 

endowments and pension funds to 

invest in funds like ours. What they 

can do is help us to convince people 

further up on the food chain that this 

market is more than viable, and that it 

will provide the same orabetterrate of 

return than other investments. More 

people have to acknowledge there's a 

real opportunity in this market. n 

NATIONAl WOMEW{S 

BUS!!H5$ COUNCIl 

ill! 

(;fiOWING WOMEN'S 

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The H.epol't of the Expc.,t Poli('Y \VOl'k~hop Se.'ies: A(~(~ess to Capital ancl C.'edit 

the Service Corp ofRetired Executives (SCORE), the free 

counseling services of the over 900 Small Business Development 

Centers, the technology-rich Business Information Centers, the 

programs developed for-women, by-women at the Women's 

Business Centers and the seed money for small business research 

and development provided through the Small Business 

Administration opened the eyes of all participants. In many 

regions, these Federal programs are matched by state initiatives. 

Joining with long-standing SBA loan guarantee programs, they 

provide a solid foundation on which to build and remind us of the 

critical role of communications and promotion of small business 

support initiatives. 

Develop a Small Business Master Plan 

This continual sense of revelation led to the first recommendation 

ofthe workshops - a call for the development of a "Small 

Business Master Plan" across the Federal government. The plan 

should reflect the public-private partnership needed to provide 

support to small businesses and link Federal, state and private 

resources. It should address the span of small business initiatives 

from home-based to high-tech; from rural to suburban to urban; 

from microloans to venture capital investments; and from SBA 

guaranteed loans to angel investors. A "Small Business Master 

Plan" will provide a platform for clear and comprehensive 

communications and clearly mark the doorways through which 

small businesses can access support. 

Annene Taylor, Director 

Womenfs Equity Fund 

Boulder, Colorado 

Started in 1992, the Women~ Equity 

Fund is an "equity investorprimarily in 

women, " says Taylor, its director. The 

fund is a limited partnership that 

includes Norwest Bank and the Bank of 

Boulder, plus 12 individual investors. 

"My mission is to find good earlystage businesses primarily in the 

services industry, " says Taylor, whose 

fund makes loans of between $40,000 

to $60,000 per deal. "We also provide 

added value and professional 

conSUlting services to the companies, 

since early-stage companies don't 

have the groundwork and experience 

to be competitive in those first few 

years. 

Building the assets of these 

businesses through our "microequity" fund is an investment which 

pays big dividends for the investors, 

the businesses and the community. 

"We have along history in this country 

of government guarantees for loans to 

business. Why not guarantees for 

eqUity?" 

NATIONAl. WOMEN'S 

hSltHSS COUNCIL 

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The Report of the Expert Policy \VOI-kshop Sel-ies: Access to Capilal and Credit 

Workshop participants believe that the SBA should be charged with 

the development of the Master Plan. Only the SBA has the scope 

and experience to play the national coordinating role needed to 

bring the Plan together. 

Clearly, and importantly, the "Small Business Master Plan" will 

include programs designed to meet the particular needs of the 

fastest growing small business sector: women-owned businesses. 

Create Incentives to Encourage Small 

Business Investments 

The second recommendation to emerge from the workshops was a 

clear consensus that new and innovative incentives are needed to 

spur investments that will grow women's businesses. Principal 

among the incentives called for are targeted tax credits that will 

encourage investments in small businesses and women..owned 

businesses. These incentives should be structured so that they 

encourage greater investment from existing sources of capital and 

credit and so that they encourage new investors to support this 

fast-growing segment of the economy. 

An important part of the incentive program should be initiatives 

that minimize the risk and expense ofmaking smaller loans. 

Current [mancial institution regulations place essentially equal 

regulatory burdens on commercial loans of $5,000, $50,000, 

$500,000 and $5,000,000. This serves as a disincentive to make 

smaller loans. A potential solution to this issue is the creation of a 

new category ofsmall business loans and provision ofrate subsidies 

in addition to, or as an alternative, to guarantees. 

"We believe that there is vast 

opportunity for America, for our 

economy, . . . to promote womenowned businesses, by providing 

these businesses with capital and 

technical assistance." 

Sen_ Christopher "Kit" Bond (R-MOj 

NATIONAl WarUN'S
 

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GROW!NG WOMHi'S 

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The Report of the Expel·t Policy \~TOI'kshop Se.-ies: Access to Capital and Credit 

•
 

Effectively Link "Lending & Learning" 

Across the country, there is a growing recognition of the need to 

address "life-long learning." This is especially true in the case of 

small businesses and women-owned businesses. A significant 

portion of the rapid growth in women-owned businesses has come 

from new entrants - of the estimated 24 million home-based 

enterprises currently operating in America, 70 percent are owned by 

women. 

One avenue for increasing education is continued expansion of the 

microenterprise development program. This pilot program should be 

offered nationwide because it provides both "lending and learning" 

by incorporating business training as an integral part of its program. 

This training component is not found in other lending programs. 

A second opportunity for increasing education will come through 

development and promotion of the "Small Business Master Plan" 

which will clearly identify, and make dramatically more accessible, 

current education opportunities offered through Small Business 

Development Centers, Women's Business Centers and a wide variety 

of state, local and private-sector programs. 

Recognize Service-Based Businesses 

The classic American business is manufacturing. Our first 

association with the word business is frequently a factory. Today's 

American business is led by the service sector. Today's small 

business growth is also in the service sector, which includes the 

Marina Halsopoulos, President 

ZCorporation 

Somerville, Massachusetts 

Several years ago, Marina 

Hatsopoulos was in the market to buy 

a business - preferably one that was 

ailing and in need of her tumaround 

skills. The MIT engineer had spent 

months calling business brokers, but 

came up empty-handed. Eventually, 

her search introduced her to 

experimental technologies with 

potential commercial applications. 

Two years ago she started her own 

high-tech company to perfect and 

market the technology to medical, 

architectural and design firms. 

"Entrepreneurs don't need a lot of 

babysitting, n declares Hatsopoulos. 

Nevertheless, she says she would have 

benefited from a service like ACE-Net, 

SBA's on-line private investor network, 

when she was looking for a business 

to buy. "It's a great idea, and I would 

have accessed that in my search had it 

been available at the time. n 

Hatsopoulos, who is currently seeking 

to expand, suggests that govemment 

could lend support to an incubator 

model to assist rapidly growing 

companies like hers. 

~US!NES$ (OiHWL 

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GROWING WOhHM' 5
 

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The Report of Ihe Expel'l Policy Wodishop Sel'ies: Access 10 Cupilal and Cre(lil 

rapidly growing high technology industry. Traditional American 

lending programs, however, including small business programs, are 

structured to serve the manufacturing sector. Investments in 

manufacturing equipment and raw materials serve as collateral for 

lending programs. 

Workshop participants recommended specific changes to current 

programs to improve recognition of service-based businesses, as well 

as new initiatives to increase access to infonnation about financial 

and other resources for growing businesses. Specific recommendations 

included improvements in SBA's CAPLine program, proposed tax 

and regulatory incentives for small business and stronger infonnation 

and outreach programs to women business owners. 

Financing exports of service-based companies presents special 

problems because often there is no tangible asset for a borrower to 

offer as collateral. Workshop participants who had sought fmancial 

assistance from SBA or state export promotion programs did not 

believe that they were designed with service-based businesse::; in 

mind. Participants suggested new lending criteria using intangible 

assets, such as intellectual property, be developed to fmance these 

ventures. 

Redefine Work to Value Self-Employment 

The official rate of women's participation in the workforce has risen 

dramatically during the last twenty years and a significant and 

increasing percentage of these entrants are choosing self-employment 

as a career. New Federal, state and community-based programs have 

been established which address the needs of the smallest enterprises, 

Nancy LaTutip, Senior Vice 

President 

Key Bank 

Buffalo, New York 

Four years ago, Key Bank started a 

loan program to target minority and 

women business owners. "We looked 

at the reasons why we were declining 

loan requests to these businesses, and 

came up with three, n LaTulip explains. 

One was alack of equity; another was 

insufficient collateral; and the third 

was the individual's poor credit 

history. Key Bank employed the 

county-supported capital access 

program and the SBA 7(a) loan 

program to make its lending criteria 

more flexible. "We were able to lower 

that 20 percent up front collateral 

requirement to five percent, the county 

would bridge the equity gap with an 

unsecured loan subordinate to the 

bank atprime minus 2percent, and the 

rest was covered through an SBA 

guarantee. We would also lower the 

value of collateral required when a 

business plan was really solid. And, we 

put a mentoring piece into the 

program. n 

Government must continue putting the 

spotlight on women and minority 

business owners, LaTulip says. 

"We've got the tools already in place, 

it's just recognizing that small 

business overall - 36% of which is 

owned by women - is a viable 

market. n 

NATIONH WOMEN'S 

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The Report of the Expert Policy 'Vod~sh(1p Series: Aecess to Capital and Cl"edit 

unemployed workers and people on public assistance. However, 

federal policies which support funding for job and 

re-employment training are built upon a definition of work as a 

waged or salaried job. Self-employment is seldom viewed or 

promoted as a viable work option. The workshop participants 

recommended that a new defmition ofwork be established which 

recognizes and incorporates self-employment development into 

Federal and state employment, training and economic development 

programs. 

Workshop participants recommend that the "Small Business Master 

Plan" recognize and clearly address the credit and asset building 

strategies required by very small businesses. One particularly 

important aspect of this initiative will be to elevate and expand the 

SBA's MicroLoan Demonstration program to support the credit 

needs of the 300,000 new women-owned, home-based businesses 

being launched each year. On the other side of the balance sheet, it 

will be critical to develop new investment initiatives that would 

"prime the asset pump" ofour smallest enterprises. Just as the 

Labor Department's unemployment assistance program has been 

expanded to support the self-employment choices of unemployed 

workers, federal programs assisting women transition from welfare 

to work should be flexible enough to support women who wish to 

pursue entrepreneurship as an employment strategy. 

Lorella Kaminsky, CEO 

Lou-rella's Custom Chocolates, Inc. 

Buffalo, New York 

Kaminsky started her chocolate 

manufacturing business 13 years ago 

from her kitchen stovetop. With the 

help of aloan from her banker, Nancy 

LaTulip of Key Bank, Kaminsky opened 

aretail store in alocal mall where she 

sold chocolate novelties. Wanting to 

reach a bigger market with her 

products, her banker referred her to 

the local Small Business Development 

Center (SBDC) for help. The SBDC has 

since assisted her in obtaining grants 

from several state programs that 

assist manufacturers, helped her find 

distributors and guided her in 

redefining her product line. 

'7he SBDC has been my right arm and 

my banker my left," says Kaminsky. 

"Every time we've had a change or a 

growth spurt, I've called them. " 

Kaminsky has also utilized the SCORE 

program for free expertise and 

business advice. She still works with 

the same counselor who, 13 years 

ago, helped her select aname for her 

new business. Kaminsky feels 

government must do more to let small 

business owners - especially women 

- know about the programs that can 

help them. "The SBDCs are the bestkept secret in this country. The more 

you can get women together to 

educate them about how they can get 

help, the better off women will be." 

NATIONAL WOMEN(S 

SUSHHSS (Ol.lN(!L 

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G!lOWING WOftHW') 

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The Report of the Expert Policy '''o.·)(shOI) Se.·ies: Access to Capital and Credit 

Conclusion 

The remainder of this report provides the detailed fmdings and 

recommendations from the ten workshops. Growing women's 

businesses have been a leading contributor to our country's current 

economic success. Developing and implementing programs that 

will encourage additional investment in women's businesses will 

help ensure their continued growth. 

The National Women's Business Council, in collaboration with the 

Interagency Committee on Women's Business Enterprise, the U.S. 

Small Business Administration and the Federal Reserve System, 

stands ready to help turn these recommendations into actions and 

ensure that the United States continues to grow women's 

businesses. 

"In the entrepreneurial economy, 

equity is the closest thing to a 

magic elixir for survival and longterm growth - it is the real frontier 

for the continued expansion of 

women-owned businesses.• 

Senator John Kerry (O-MA) 

.tATIONAt W{}MH~{S

BuSlfHSS COUNCIL 

m 

GROWING WNt£t~'S
 

BUSHHSHS
 
The Recommendations from the Expert POliC)T Workshop Sel"ies 

Since its inception, the Nation~l Women's Business Council has 

studied and made recommendations to the President, Congress and 

the Interagency Committee on Women's Business Enterprise 

concerning the needs and achievements ofwomen-owned 

businesses. In 1997, the Council began a new phase in its work, in 

much the same way that women-owned businesses have entered an 

exciting and demanding phase in their development. Women-owned 

businesses are driving the current growth in small business start-ups: 

what implications does this have in terms of national policy? 

Using the expert policy workshop format designed by the Council 

for this process, the Council, in collaboration with the SBA and the 

Federal Reserve System, held a series often workshops across the 

country on access to capital and credit for women-owned businesses. 

The workshops, held at Federal Reserve banks and branches, 

provided a forum to discuss, develop and reach consensus on policy 

recommendations to enhance women business owners' access to 

credit and capital at three phases of business growth and initiation: 

start-up capital and microenterprise development; mid-level 

financing for business growth and expansion; and sources of equity 

capital. 

Atlanta 

Boston 

Buffalo 

Dallas 

Denver 

Fargo 

thTlOl\lAl WOl'HN/S 

BUWUi$ COUNCil 

Ii 

GROWiNG W{}filHI'S 

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The Recollllnendalions f.'om the Expe.'l Policy WOl'kshop Se.'ies 

Participants in the sessions included women business owners, 

lenders, government representatives and others whose expertise and 

experience are instrumental in developing innovative fmancing 

strategies. In contrast to the basic fact-fmding goals of earlier 

sessions, this series focused on larger aims: policy 

recommendations that will help create the infrastructure that 

supports women entrepreneurs and development of new business 

relationships within communities. 

The following pages feature the recommendations of each ofthe 

individual workshops. As the President, Congress and the 

Interagency Committee on Women's Business Enterprise review 

this report, we urge state and local governments and private sector 

entities as well to join in implementing the innovative 

recommendations that resulted from this workshop series. 

Kansas City 

New Orleans 

San Francisco 

Seattle 

thnOfIAl W~:HllH1/)

ihmfH5S (OUNCIL 

!ll 
Regional Report - Atlanta 

The Atlanta Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) partnered with the Atlanta-based Georgia Women's Business 

Initiative, Inc. to sponsor this expert policy workshop on creditscoring and the factors that 

influence creditworthiness for women-led businesses. The workshop participants, a selected 

group of business owners, lenders and financial regulators, met in small groups to discuss 

the how credit scoring will effect both the lender and the small business owner as banks 

begin to rely more heavily on credit scoring to make lending decisions and minimize the risk 

in their loan portfolios. 

Atlanta has experienced considerable economic growth especially in the small business 

sector. According to the National Foundation for Women Business Owners, the number of 

women owned businesses in the Atlanta metropolitan area has grown 113% since 1987, 

compared to a 78% growth rate for all businesses during that period. At the same time, sales 

receipts for women-owned businesses have skyrocketed by 279%. In keeping with national 

trends, the rate of growth of women-owned firms in Atlanta is highest in the "nontraditional" goods-producing sector, which includes agribusiness, construction and 

manufacturing. 

As with other firms, creditworthiness is important to women-owned businesses. The factors 

considered when determining creditworthiness, however, are of great concern to the women's 

business sector because their businesses are more likely to be younger and smaller than 

those of business loan customers most banks seek. 

During the session, workshop participants considered the relationship of creditworthiness to 

credit scoring. They discussed the risk lenders perceive in making loans to small business, 

and how credit scoring will affect the availability of credit for new and expanding businesses. 

The Experts Recommend 

Expert Policy Recommendation Number One: 

Require the disclosure of the specific "formula" employed in the fmancial institution's credit 

scoring models. Require financial institutions to refer small business applicants which fall 

outside of a bank's "acceptable" credit score to local business development, training and 

mentoring resources. 

Participants recognized that credit-scoring systems could expedite more loan applications 

and free up loan officers to market their programs and services to a larger percentage of the 

small business community. Unfortunately, small businesses are concerned that banks do not 

have to disclose the factors these systems consider and the weight applied to the factors 

during the credit decision process. The participants felt that it was only fair that banks be 

required to disclose the "ingredients" of their credit scoring model so that borrowers could 

approach those banks whose criteria they are most likely to meet. With respect to credit 
Regional Report - Atlanta 

denials, participants felt that lenders, in cooperation with local business development, 

should provide the denied small business applicant with information about training, 

technical assistance, and mentoring programs that would help the improve the applicant's 

chance of obtaining a loan in the future. 

Expert Policy Recommendation Number Two: 

Federally guaranteed loan programs should be applicable only to the "gray area" loans and 

not for loans likely to be approved automatically through credit scoring. 

Lenders were interested in exploring a program where the level of government guarantee 

would increase as the risk ofthe loan increased. Participants suggested that using 

government guarantees for loans in the "gray area" would provide banks with more credit 

decision flexibility and would increase the number of small business loans. 
Regional Report - Boston 

The Boston Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration joined in partnership with the Boston-based Center for Women & 

Enterprise to sponsor this expert policy workshop on access to the private investment capital 

market by women-owned businesses. The workshop participants, a selected group of 

business owners, investors and financial regulators, met in small groups to discuss trends as 

well as experiences with the private investor market, including the challenge of increasing 

the number of active "angels" and the mechanisms that would improve the flow of capital 

and information to growing businesses. Boston is an ideal city in which to hold this 

particular workshop because of the growing number of new and expanding high-tech firms 

and the increasing amount of venture capital and private investor funding these firms 

attract. 

The Experts Recommend 

The workshop participants were charged with developing and reaching consensus on policy 

recommendations to facilitate access to "angel" or private investor investments for small, 

women-owned businesses. 

The assembled experts concluded that the public and private sector should create incentives 

to encourage early stage investment in woman-owned small growth companies. In addition, 

entities developing newly minted tools, such as the Small Business Administration's ACENet service, should aggressively market and expand these tools to provide connections 

between investors and businesses that serve as a source ofinformation and "know how" 

about the equity capital market. 

Expert Policy Recommendation Number One: 

Develop a partnership with state government, private industry, and philanthropic, business, 

and entrepreneurial institutions lead by the Small Business Administration. 

This partnership would create an entity for using existing resources more effectively and for 

tapping into new technologies to build an easily accessible national network for entrepreneurs 

and investors. The participants also recommended the SBA develop a comprehensive plan to 

advertise and market this new resource. 

Expert Policy Recommendation Number Two: 

Provide tax incentives for equity investments for "patient" investors in women-owned 

businesses. 

The participants recommended introducing tax incentives to encourage "patient" or more 

long term investments in early stage enterprises, especially those owned by women. 

Specifically, legislation increasing the exclusion on capital gains and eventually eliminating 

the tax entirely for long-term investments, could be a huge boost for women's entrepreneurial 

development. Developing and maintaining tax policy that positively favors 

entrepreneurship and, in particular, early-stage investment is key. 
Regional Report - Buffalo 

The Buffalo Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration partnered with the Buffalo and Rochester Chapters of the National 

Association of Women Business Owners to sponsor this expert policy workshop on access to 

capital and credit for women-led businesses. The workshop participants, a selected group of 

business owners, lenders, and financial regulators, met in small groups to discuss and 

develop new methods for encouraging the expansion of women-owned businesses as a 

catalyst for economic growth in the region. 

The Experts Recommend 

Expert Policy Recommendation Number One 

Create a working partnership involving federal, state, and local government, financial 

regulatory agencies, financial institutions, and business advocacy and development 

organizations to recommend policy, educate small business owners, and develop mechanisms 

to increase capital and credit and provide technical assistance for women-business owners 

wishing to grow their businesses. 

The participants envisioned establishing a local entrepreneurial development consortium for 

the greater Western New York region spearheaded by the Small Business Administration, 

state economic development agencies, the Federal Reserve bank branch, and the city 

government. The consortium would build upon the existing infrastructure ofthe 

government, financial, and business sectors, as well as membership organizations such as 

the Chamber of Commerce, Small Business Development Centers (SBDC), Service Corps of 

Retired Executives (SCORE), and women's business networks. The executive committee of 

this consortium would be charged with developing a master plan for the region to foster 

entrepreneurial development. This plan which would include the coordination and 

marketing of a network of financial resources, mentoring services, and training and 

technical assistance centers. 

Expert Policy Recommendation Number Two 

Expand the state's capital access program to provide a pool of capital to cover the collateral 

requirements of small business loans. 

Many states, including New York state, have established capital access programs to boost 

bank lending to riskier businesses. The programs operate by creating a financial reserve to 

cover loan losses. Both the banks and the borrowers contribute to this reserve, which is then 

matched by the state and held by the bank. Banks may use the fund to lower interest rates 

for riskier small business loans and to cover any losses incurred on these loans. Using these 

funds, the bank is able to manage a portfolio ofloans with a higher degree of risk than that 

normally targeted by the bank. 

Participants also suggested that local economic or community development corporations 

assume a role in ensuring credit to small businesses by putting up the collateral the bank 
Regional Report - Buffalo 

requires to secure the loan. In particular, participants recommended that these local groups 

provide the collateral necessary to satisfy the banker's requirements, especially in cases 

where the economic vitality of an area may hinge on the successful growth and expansion of 

the small business. For example, helping small businesses in depressed areas would provide 

other benefits to the local economic and development agencies, such as urban renewal, which 

would be inducements to helping these businesses grow. 
Regional Report - Dallas 

The Dallas Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) joined in partnership with the Dallas-based North Texas 

Women's Business Council and the Dallas chapter of the National Association of Women 

Business Owners to sponsor this expert policy workshop on access to the debt and equity 

capital markets by women-owned service sector businesses. The workshop participants, a 

selected group of business owners, lenders, investors, and financial regulators, met in small 

groups to discuss their experiences in providing and accessing sufficient credit to grow 

service businesses. Generally, both debt and equity capital in the $50,000 - $500,000 range 

is needed to finance the growth of service sector businesses. Dallas was an ideal location for 

this discussion topic because women-owned businesses represent 36 percent of all service 

businesses in the city, ranking Dallas tenth in the nation for the number of women owned 

businesses. 

Expert Policy Recommendation 

Develop a partnership with state government, private industry, and business, financial, and 

entrepreneurial institutions lead by the SBA to foster and develop policies supporting 

growing enterprises. This partnership would create an entity to use existing resources more 

effectively and tap into new technologies to build an easily accessible national network for 

entrepreneurs, lenders, and investors. 

The elements of this recommendation 

1.	 Increase accessibility to and simplify the requirements ofthe revolving line of credit 

instrument, known as CAPLines, which is part ofthe SBA's guaranteed lending program. 

Business owners expressed a preference for access to a ready source of capital or a revolving 

line of credit. Lenders felt that the complicated reporting procedures involved in the 

CAPLines program were a strong disincentive for participation in the program. Lenders also 

indicated they could reduce the cost ofthe program ifthey were able to monitor the loans 

internally and eliminate some ofthe paperwork presently required by SBA reports. Granting 

the lenders the authority to manage and monitor these loans would increase both the 

profitability to the bank and the utilization of the instrument. 

2.	 Introduce tax incentives to encourage investments in small business. The lenders 

acknowledged that new changes to the Community Reinvestment Act grant lenders more 

leeway in investing their funds in intermediaries such as Small Business Investment 

Companies (SBIC), Minority Enterprise Small Business Investment Companies (MESBIC), 

and venture capital funds and could increase the flow of capital to small businesses. The 

participants recommended taking this a step further by introducing new tax and regulatory 

incentives to encourage direct investments in small, growing businesses. 

3.	 Develop programs which promote investments in business expertise. Participants felt 

the creation of a network or system for providing business and managerial assistance 

and mentoring was critical to growing companies. Modernizing and expanding SCORE 

(Service Corps of Retired Executives) and adaptating the SBA's ACE-Net program to 

accommodate an entrepreneurial mentoring network was highly recommended. 
Regional Report - Denver 

The Denver Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration joined in partnership with the Colorado Women's Business Council 

and the Colorado Women's Leadership Coalition to sponsor this expert policy workshop on 

building assets through equity investments. The workshop participants, a selected group of 

business owners, investors, lenders, educators and financial regulators, met in small groups 

to focus on innovative ways to encourage equity investments in small, women-owned 

businesses. Within the last decade, Colorado has experienced significant growth in the 

number of women-owned, small businesses. At the present, women own forty percent of 

Colorado firms, making the state a perfect location for this topic. Developing strategies to 

help these small businesses grow is the new challenge for state and local governments. 

The Experts Recommend 

The workshop challenged participants to develop and reach consensus on policy 

recommendations to improve access to new sources of early stage, equity investments in 

women-owned, small businesses. Over the years, little attention has been paid to public 

policy that addresses ways to build assets and owners' equity in small and women-owned 

businesses. Because participants felt that lenders consider debt financing for small 

businesses only when the asset side of the balance sheet is adequate to carry the liability, 

participants suggested strategies that would "prime the asset pump" for women 

entrepreneurs. The strategies developed at this workshop should enable women-owned 

firms to expand their businesses and to use debt financing in more productive ways. 

Expert Policy Recommendation 

Create a public-private sector partnership to establish an "equity pool" to facilitate 

- investments in the $50,000 to $500,000 level in women-owned, small businesses. 

Borrowing from the successes of both the Small Business Investment Company and 

Microenterprise Development programs, workshop participants recommended creating a 

new vehicle to bridge the capital gap between the needs of very small start up companies 

and those of more established or high growth firms. Although changes to the Community 

Reinvestment Act (CRA) allow financial institutions to invest in intermediaries such as 

Small Business Investment Companies (SBIC), Minority Enterprise Small Business 

Investment Companies (MESBIC), and venture capital funds, the lenders at the workshop 

indicated that the CRA changes would not materially effect the small business market 

targeted by the workshop because these businesses are typically too small to be candidates 

for any of these funds. 

The participants recommended creating a new fund that would target businesses whose 

capital needs and whose projected rates of retUTIl are lower than those normally considered 

by venture capital concerns. As envisioned, these businesses would have the potential for 

slow but steady growth. Suggested strategies for developing the fund included: 
Regional Report - Denver 

•	 reducing the mjnjmum capital size requirements (currently $1 million) for establishing 

SBICs owned by regulated financial institutions; 

•	 incorporating equity financing programs as part of the SBA's Microenterprise program; 

and 

•	 supporting the "pools" through tax incentives to encourage investments in small 

businesses. Examples include: federal tax incentives for equity investment in the pools; 

incentives for donated products and services; capital gains tax relief for long term 

investments; and a federal tax form check-off for voluntary contributions. 

In addition to providing capital and credit incentives for lenders and investors, participants 

felt providing business and managerial assistance, as well as entrepreneurial mentoring, 

was critical to growing companies. Suggestions included modernizing and expanding the 

Service Corps of Retired Executives (SCORE), and expanding the microenterprise program 

to accommodate an entrepreneurial mentoring network. Businesses seeking access to the 

"equity pool" would be required to use the training and mentoring services, perhaps through 

a "virtual incubator". 
Regional Report - Fargo 

The Fargo Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) partnered with the North Dakota-based Women's Business 

Institute, the South Dakota-based Entrepreneur Network for Women, and the Minnesotabased Women in New Development to sponsor this expert policy workshop on access to 

capital for women-business owners in rural communities. The workshop participants, a 

selected group of business owners, lenders, government officials, and financial regulators, 

met in small groups to discuss their experiences with empowering women to launch 

successful businesses and encouraging communities to foster the growth and development 

these businesses need. 

The Experts Recommend 

The workshop participants looked at ways that women-owned business could help stimulate 

the region's economy. Participants were charged with developing and reaching consensus on 

recommendations to improve access to credit for women who live and operate their own 

business in rural areas. 

Expert Policy Recommendation 

Establish an entity to coordinate a network of "one stop shops" to provide credit and 

technical assistance to women in rural communities. 

While there is a range of technical assistance programs available and a healthy demand for 

these services, the business owners present were generally unaware of these resources. 

Participants cited geography, a dispersed population, and few sources for capital and credit 

as roadblocks faced by women business owners seeking access to credit in the region. To 

overcome these roadblocks, participants suggested creating a partnership network to link. 

and maximize the resources already available. For example, to expand the availability and 

flexibility of the existing private credit structure, participants recommend linking the 

government guaranteed microcredit and capital access programs with the resources 

available through technical assistance providers, such as small business development 

centers, women's business centers, and other community based business development 

initiatives. This linkage was viewed as critical to the success of any effort to stimulate 

economic and entrepreneurial development in the region. 
Regional Report - Kansas City 

The Kansas City Workshop 

The National Women's Business Council, the Federal Reserve System, and the V.S. Small 

Business Administration joined in partnership with the Kansas City based Home Business 

Connection and the American Business Women's Association, to sponsor this expert policy 

workshop on access to capital and credit for home-based enterprises. The workshop 

participants, a selected group of business owners, lenders, investors and fmancial regulators, 

met in small groups to discuss their experiences in providing and accessing sufficient capital 

to sustain these very small enterprises. As the growth of the economy continues to depend of 

the growth of small businesses, attention must be focused on ways to minimize the risk to 

lenders so that they can make the small loans more profitably. Encouraging the development 

of new regulatory policies and fmancial instruments that will increase the flow of capital 

and credit to very small businesses was the focus of this workshop. Kansas City was chosen 

for this topic because of the significant number of small home-based businesses owned by 

women in the area. 

The Experts Recommend 

Expert Policy Recommendation One: 

The SBA and Congress shall clarify the definition ofhome-based businesses, 

creating a new class ofcommercial enterprise, in order to differentiate these 

businesses from the more inclusive category ofsmall businesses. 

1.	 Create a new preferred lending category for banks who lend to very small 

businesses. Business owners were concerned that loans of less than $50,000 were as 

costly for the lenders to process as loans in excess of $1 million. Lenders agreed that 

even though the SBA had reduced the paperwork required of borrowers who apply for a 

federally guaranteed loan, banks are still required to fill out the same volume of 

paperwork. Lenders felt that the degree of risk and complicated reporting procedures 

involved in participating in the SBA's Low Doc and CAPLines program were a strong 

disincentive for them to participate. To make loans under $50,000 more profitable for 

lenders, participants recommend the federal government simplify the regulations placed 

on small business lenders thereby decreasing administrative costs. V sing a concept 

similar to the SBA's "preferred and certified" lending categories, lenders in the new 

"select" category would receive special rate subsidies for creating substantial portfolios of 

small loans. 

2.	 Expand the federal microenterprise development pilot to provide programs 

specifically for home based businesses. Business owners expressed a preference for 

access to a "ready source of capital" but found lenders reluctant to make the smaller loans 

or to issue credit cards directly to the business. Participants also felt that owners who 

had more training in managing a business, as well training in the intricacies of what 

lenders look for when making loans, had a better chance of receiving financing and 

growing a successful business. The microenterprise pilot which provides both "lending 

and learning" was deemed by the participants to be an ideal program for home-based 

businesses because it includes "business training" as an integral part of its program. This 

training factor is not usually a component of other lending programs. 
Regional Report - Kansas City 

Expert Policy Recommendation Two: 

School curricula should include lifelong business and economic education 

programs which can be incorporated at the earliest grade level. This training 

should include practical experience in running a business and should prepare 

students to be entrepreneurs. 

Participants believed business, managerial, and mentoring assistance should be more 

accessible. Incorporating economic literacy, entrepreneurship, and the "work ethic" into the 

school curricula was felt to be an important educational effort which could begin as early as 

the kindergarten level. Modernizing the Service Corps of Retired Executives (SCORE), and 

expanding the microenterprise development program to provide training and technical 

assistance to home-based enterprises, was also highly recommended. 
Regional Report - New Orleans 

The New Orleans Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) partnered with two Louisiana-based women's business 

centers, the Southeast Louisiana Black Chamber of Commerce (SLBCC) Womens' Business 

Center and the Women Entrepreneurs for Economic Development, to sponsor this expert 

policy workshop on empowering women to move from welfare to self-employment. The 

workshop participants, a selected group of business owners, lenders, financial regulators, 

and intermediaries who help transition welfare recipients to the workforce, met in small 

groups to discuss their experiences with programs that provide training, mentoring, and 

microcredit to welfare recipients interested in self-employment. Participants recommended 

both local and national strategies to address the current issues and challenges raised by the 

federal government's new welfare-to-work initiative. 

The Experts Recommend 

Expert Policy Recommendation: A Local Solution 

Create a revolving community/microenterprise loan fund to provide microcredit and 

technical assistance to welfare recipients engaged in self-employment. 

No microenterprise development funds presently exist in Louisiana. Participants 

recommended that the SBA and the Department ofTreasury, (through its Community 

Development Financing Initiative (CDFl) fund), work with local officials and community 

development organizations to establish one or more revolving community/microenterprise 

loan fund throughout the state. As envisioned, this revolving fund would screen potential 

candidates and offer them credit, technical assistance, and microenterprise training. In 

addition, the fund would also help welfare recipients start and maintain their own 

companies. 

Expert Policy Recommendation: A National Solution 

Part 1 

Integrate strategies for self-employment and microenterprise development into federal and 

state employment, training, and economic development programs. 

The participants felt strongly that the success of a self-employment strategy relies in part on 

its inclusion in programs that promote economic development. Moreover, participants 

argued that federal economic, community development, and microenterprise development 

efforts should be coordinated and expanded to provide the credit, technical assistance, and 

microenterprise training new entrepreneurs need to develop and expand a business. 

Participants also recommended adding a self-employment component to the federal 

government's community development and employment training programs. For example, to 

promote entrepreneurship, the Department of Housing and Urban Development's 

Community Development Block Grant Program, the primary funding mechanism for 

economic development in many communities, should consider the needs of the self-employed 

for training, credit, and technical assistance. 
Regional Report - New Orleans 

Part 2 

Reevaluate current welfare policies and proposed reform. policies, including time limitations 

on welfare receipt, for their effectiveness as income supplements for poor women working 

towards self-employment. 

The participants felt that current economic development policies favor employment over selfemployment strategies. They recommended revising laws which do not allow a woman to 

accumulate financial resources or pursue entrepreneurship as an employment strategy. 

Workshop attendees suggested the following tactics for improving welfare reform.: 

• increase self employment training and minimum education guarantees 

• provide flexibility when enforcing the two-year transitory support period for welfare 

recipients. Participants thought this period may not be long enough for a woman to 

achieve self-sufficiency through self-employment. 

• increase the amount a woman may earn and receive supplemental government benefits 

• increase the asset limits for welfare recipients. Participants believed these limits act as 

barriers for the development of self-employment activities. 

• increase the child and health care assistance amounts available during the transitory 

support period 

• offer participants in welfare reform. initiatives microcredit as an alternative to paid 

employment 
Regional Report - San Francisco 

The San Francisco Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) partnered with silicon valley-based Women In Technology 

International to sponsor this expert policy workshop on access to equity capital for womenled businesses. The workshop participants, a selected group of business owners, investors, 

and financial regulators, met in small groups to discuss their experiences with raising and 

investing in venture capital. The participants agreed that the supply of venture capital 

funds was not sufficient to meet the demands of the rapidly growing ranks of women-led 

technology firms. They saw targeted tax and regulatory incentives, programs which 

leverage private capital with government guarantees or matching funds, and a nationwide 

marketing effort to raise the visibility of women-led firms as integral to the success of 

raising equity capital. 

The Experts Recommend 

Expert Policy Recommendation Number One: 

Establish targeted tax or regulatory incentives to stimulate equity capital investments in 

women-led businesses. 

The participants felt tax incentives would encourage investments in technology-based 

businesses. They were optimistic that changes in the federal capital gains tax laws and 

revisions to the Community Reinvestment Act (CRA) presented new stimuli for both banks 

and private companies specializing in providing venture capital to small businesses. While 

new policy changes should increase the flow of capital to all small businesses, the 

participants recommended taking these changes a step further by introducing targeted tax 

and regulatory incentives to encourage direct investments in women-led businesses. In 

addition, the expansion of government loan guarantees, matching funds, and grant 

programs, such as those offered under the SBA's 7(a) lending program, the Small Business 

Investment Company (SBIC) program, and the Small Business Innovative Research (SBIR) 

program, could increase access to funding for such high risk activities. 

Expert Policy Recommendation Number Two: 

The private sector, in particular a consortium of women's business organizations, should 

initiate a nationwide marketing, research, and public relations effort to increase the venture 

capital market's familiarity with, and the attractiveness of, women-led firms. 

Participants acknowledged that the need to target federal programs for women or minorities 

is difficult to substantiate without supporting economic data or disparity studies. They also 

recognized, however, that it may be more appropriate and expedient for the the private 

sector to assume responsibility for this data colletion. Participants agreed that more 

research on women-led high growth businesses was necessary to target and market these 

firms to investors. 
Regional Report - Seattle Page 2 

The Seattle Workshop 

The National Women's Business Council, the Federal Reserve System, and the U.S. Small 

Business Administration (SBA) partnered with the Seattle Chamber of Commerce, Small 

Business Action Council to sponsor this expert policy workshop. The participants, a selected 

group of business owners, lenders and financial regulators, met in small groups to discuss 

their experiences in the global marketplace. The workshop presenters provided information 

about new federal and state programs established to help small businesses break into export 

markets. In general, business owners were unaware of these government programs and 

recommended the SBA develop and implement a marketing plan to inform small businesses 

of these resources. The group also recommended that the SBA establish export lending and 

support services targeted at service-based businesses. 

The Experts Recommend 

Expert Policy Recommendation Number One: 

Develop a comprehensive marketing plan for the federal government's U.S. Export 

Assistance Center program and the SBA's Export Technical Assistance Program. This plan 

would involve coordination among federal agencies, banks, law firms and accounting firms to 

provide both financing and technical assistance for small businesses seeking opportunities in 

export markets. 

Although the SBA and other federal and state government agencies have implemented 

valuable programs for lenders and borrowers that significantly increase the access to capital 

and trade information for exporters, participants were generally unaware of these programs. 

An extensive marketing plan would help increase familiarity with and use of these 

programs. 

Expert Policy Recommendation Number Two: 

Develop new export financing and assistance programs targeting the needs of service-based 

businesses. 

Financing exports of service-based companies presents special problems because often there 

is no tangible asset for a borrower to offer as collateral. Absent collateral, small service 

providers must look to financial options other than secured loans, as a means of raising 

money to finance their international sales. Participants who had sought financial 

assistance from the SBA or state small business export promotion programs, however, did 

not believe these programs were designed with service-based businesses in mind. To make 

governmental programs more responsive to the needs of export firms, participants 

recommended that the export assistance centers help service businesses negotiate advance 

or progress payments and help locate equity capital. Participants also suggested new 

lending criteria using intangible assets, such as intellectual property, for financing these 

ventures. 
Expert Poliey Workshol) Sel'ies Planning COlllllliUee 

The National Women's Business Council was created by an act of 

Congress to serve as an independent, bipartisan source of advice and 

policy recommendations to the Interagency Committee on Women's 

Business Enterprise, the U.S. Small Business Administration, Congress, 

and the President. The Council members are successful women business 

owners and advocates representing women's entrepreneurship nationwide. 

The Interagency Committee on Women's Business Enterprise, 

comprised of senior officials from 9 federal agencies and the White 

House, ensures that women's economic issues are being addressed at the 

highest policy-making levels. The committee reports directly to the 

President and the Congress. Both the Federal Reserve System and U.S. 

Small Business Administration are active members of the Interagency 

Committee. 

The Federal Reserve System is the central bank ofthe United States. 

The Federal Reserve was founded by Congress in 1913 to provide the 

nation with a stable and flexible monetary and fmancial system. It is 

composed of a central, governmental agency, the Board of Governors, and 

twelve regional Federal Reserve Banks, located in major cities throughout 

the nation. 

The U.S. Small Business Administration was created in 1953 as an 

independent agency of the federal government to aid, counsel, assist and 

protect the interests of small business concerns, to preserve free 

competitive enterprise and to maintain and strengthen the overall 

economy of our Nation. The SBA revolves around two principles: 

customer-driven outreach and quality focused management. 

Sleering Committee 

Barbara Lowrey 

Federal Reserve System 

Sherrye Henry 

U.S. Small Business Administration 

Amy Millman 

National Women:S Business Council 

Carol Whitney 

Workshop Series Facilitator 

NATiONAL WOMEN'S
 

BUWHSS (OUNCH
 

ill 

GROWING WQMEM~S

~USINESHS
Expel'l Policy "Tol'kshop Sel'ies ReSOUI'Ce Pal'tllers 

The Expert Policy Workshop Series was a public-private sector partnership 

designed to give local women entrepreneurs a voice in public policy 

formulation that impacts their businesses. The partnership involved federal 

officials and nationally recognized women business leaders including, the 

U.S. Small Business Administration's field operations staff and the Federal 

Reserve System's Consumer and Community Affairs staff. The local women 

business leaders and advocates, our private sector partners, were instrumental 

in the success of these workshops. The following organizations are to be 

commended for their support and participation in this series. 

American Business Women's Association 

Center for Women & Enterprise, Boston 

Colorado Women's Business Office 

Colorado Women's Economic Development Council 

Colorado Women's Leadership Coalition 

The Entrepreneur Network for Women, Watertown 

Georgia Women's Business Initiative 

Home Business Connection 

National Association of Women Business Owners 

North Texas Women's Business Council 

Seattle Chamber of Commerce, Small Business Action Council 

Southeast Louisiana Black Chamber ofCommerce Women's Business Center 

Women Entrepreneurs for Economic Development, New Orleans 

Women in New Development, Bemidji 

Women in Technology International 

Women's Business Institute, Fargo 

NATIONal WtHftEN 1 5
 

BU5ltHSS COUNCil
 

@:
 

ihoWHIG WQMO( 5 

hSHH5HS 
Expel-t Policy Workshop Series Participants 

ATLANTA 

Ms. Joanne Alpiser
 

Future Ventures Corporation
 

Mr. Drew Atkinson
 

First Union Bank
 

Ms. Helen Barrios
 

Aztech Contracting, Inc.
 

Ms. Susan Battle
 

Regions Bank
 

Ms. Cindi Brazell
 

Powell, Goldstein, Frazer and
 

Murphy
 

Ms. Elizabeth Brock
 

Pallets Incorporated
 

Ms. Janis Burda
 

Georgia Women's Business
 

Initiative, Inc.
 

Mr. Ron Burney
 

First State Bank and Trust
 

Ms. Bernadette Carter Hudson
 

Carter Technical Services
 

Ms. Paige Collier
 

Wachocvia Bank
 

Ms. Beverly Cooper
 

Employee Benefits Consulting
 

& Design
 

Ms. Patti Crane
 

Crane Meta Marketing, Ltd.
 

Ms. Beverly Dabney
 

Nations Bank
 

Ms. Lee Dees
 

Women's Commerce Club
 

Ms. Alicia Dussy
 

Bussey Florist
 

Ms. Rosemary Frame
 

Massachusetts Mutual
 

Ms. Lee Fukartas
 

Renu Enterprises Inc.
 

Ms. Nancy Heard
 

First Colony Bank
 

Ms. Jo Ann Hines
 

GlobalPak
 

Ms. Kathy Holland
 

The Mescon Group
 

Mr. Doug Hood
 

Rainmaker Capital
 

Ms. Betty James
 

The Women's Network, Inc.
 

Mr. Frankie Jennings
 

FJ Products & Services
 

Ms. Tonya Jones
 

Mark IV Enterprises, Inc.
 

Ms. Teresa Kittle
 

Padgett Business Services
 

Mr. Terence Lewis
 

Sun Trust Bank
 

Ms. Dana Little
 

Business Development Corporation
 

Ms. Peggy Magar
 

The Women's Network, Inc
 

Ms. Darlene Martin
 

Martin & Associates
 

Mr. Ed Mulkey
 

Premier Bank
 

Ms. Sue Ojanen
 

Guest Housing, Inc.
 

Ms. Erin Ouzts
 

WH Capital Partners
 

Ms. Nancy Parrot
 

Budget Regulatory Overview
 

Committee
 

Mr. Porter C. Ragsdale
 

Georgia Public Television
 

Ms. Mary Ann Roberts
 

Roberts Little Ones
 

Ms. Annette Rodriguez
 

Small Business Resource Center
 

Ms. Elina Rodriguez
 

Scoring Solutions, Inc
 

Ms. Melanie Sawyer
 

AT&T Capital Corporation
 

Ms. Kathleen Schneider
 

AT&T Audio-Teleconferencing
 

Services
 

Mr. Martin Small
 

First Union Bank
 

Mr. Tom Snyder
 

Small Business Development
 

Center
 

Ms. Ann Stallard
 

Graphic Communications
 

Mf. Fred Stone
 

Tarica & Whittemore, P.C.
 

Ms. Carolyn A. Stradley
 

c&S Paving, Inc.
 

Ms. LynnVos
 

The University of Georgia
 

Ms. Daisy Walden
 

Nadlor Media
 

Ms. Omi Walden
 

Walden & Associates
 

Ms. Jody Wasserman
 

The New England Financial Group
 

Ms. Isa Williams
 

Agnes Scott College
 

Ms. Claudia Wilson
 

AT&T Capital Corporation
 

Ms. Joni Woolf
 

Macon Magazine
 

BOSTON 

Ms. Virginia Allan 

North Suburban Chamber of 

Commerce 

Ms. Candida Brush 

Boston University Chamber of 

Commerce 

Mr. Peter Cassidy 

Commonwealth of Massachusetts 

Ms. Theresa Cavanaugh 

BankBoston 

Ms. Elyse Cherry
 

Earth Wide Products Corporation
 

Mr. Dan Corbin
 

Bank Boston Development
 

Corporation
 

Ms. Carol Dillion
 

Innovative Capital Partners
 

Ms. Carol Eaton
 

Mayors Office of Business
 

Services
 

Ms. Cynthia Fisher
 

Viacord
 

Mr. Christopher Gabrieli
 

Bessemer Venture Partners
 

Ms. Diane Gargano
 

Harvard Clinical Technology, Inc.
 

Ms. Judy George
 

Domain Inc.
 

Ms. Jennifer Gilbert
 

DeHarvard Fine Art
 

Ms. Suk Harvey
 

Microlan Computers
 

Ms. Marina Hatsopoulos
 

Z Corporation
 

Mr. Peter Hildreth
 

Department of State Bureau of
 

Securities
 

Ms. Lynn Kendall
 

Massachusetts Small Business
 

Development Center
 

Ms. KijaKim
 

Harvard Design and Mapping Co.
 

Ms. Lorelei Kolegue
 

New England Women Business
 

Owners
 

Ms. Janet Kraus
 

Circle Co. Associates
 

Ms. Jennifer Kushel
 

Young Entrepreneurs Network
 

Ms. Mary Lassen
 

Women's Educational and
 

Industrial Union
 
Expcl,t Policy Work~hop Series Participants 

Ms. Dianne McPartin
 

Bessemer Venture Partners
 

Ms. Nancy Nager
 

Specialized Health Management
 

Ms. Judith Obermayer
 

Obermayer and Associates
 

Ms. Pamela Reeve
 

Light Bridge Technology
 

Mr. James Roll
 

Massachusetts Business
 

Development Center
 

Professor Wil1iam Sahlman
 

Harvard Business School
 

Ms. Julie Schofield
 

Smaller Business Association
 

ofNew England
 

Ms. Andrea Silbert
 

Center for Women & Enterprise,
 

Inc.
 

Ms. Micho Spring
 

Bozeil, Sawyer, Miller Group, Inc.
 

Ms. Jennifer Starr
 

Up to Data Partners
 

Ms. Marie Turkey
 

Boston Women's Commission
 

Mr. Wil1iam Wetzel
 

Center for Venture Research,
 

University ofNew Hampshire
 

BUFFALO 

Mr. Herbert M. Ausderau 

Service Corps of Retired 

Executives 

Ms. Nancy Barrry 

Women's World Banking 

Ms. Zenda Bennett 

Urban League of Rochester 

Ms. Lupe Breen 

Dunhill Staffmg Systems 

Ms. Bonnie Clewans 

The Bread Gallery 

Ms. Sarah Jane Clifford 

Gymnastics Training Center of 

Rochester, Inc. 

Mr. Ronald Coan 

ECIDA 

Ms. Brenda L. Copeland 

The Bank of Castile 

Ms. Cathy Cummings 

American Rated Cable & 

Communications 

Ms. Audry Czesak-Kennedy 

Trinity Title & Abstract Co. 

Ms. Mary Ann Daugherty 

Mad Data Products Inc. 

Ms. Irene A. Dobies 

Small Business Development 

Center 

Ms. Holly Donaldson 

WNY International Trade Council 

Mr. Barbara Drago 

Empire State Development 

Ms. Marcia Duell 

Computer Conference Inc. 

Mr. Richard Gorko 

Small Business Development 

Center 

Ms. Deborah Haney 

Sweet Jenny's Ice Cream 

Ms. Susan Hudson 

Mid-Atlantic Small Business 

Finance 

Mr. Peter Humphrey 

Financial Institutions Inc. 

Ms. Kathryn Jackson 

Gibson, McAskill & Crosby 

Ms. Barbara 1. Jones 

Chase Manhattan Bank 

Ms. Carol Jones 

Sarette Temporaries Inc. 

Ms. Laurie Irish Jones 

Irish Welding Supply Corporation 

Ms. Antoinette Kaiser
 

STECO Industries
 

Ms. Loretta Kaminsky
 

Lou-Retta Custom Chocolates Inc.
 

Ms. Sara Kash
 

Write Woman Computer Products
 

Inc.
 

Ms. Carol Kociela
 

Marine Midland Bank
 

The Honorable John J. Lafalce
 

United States Congress
 

Ms. Rebecca Landy
 

The Center for Industrial
 

Effectiveness
 

Ms. Nancy LaTulip
 

Key Bank
 

Ms. Barbara Laughlin
 

First Empire State Corporation
 

Mr. Robert Lazar
 

Empire State Certified
 

Development Corporation
 

Ms. Roseanne Lettieri
 

Dreamco Development
 

Corporation
 

Ms. Nanette Levin
 

Fulcrum Communications
 

Ms. Gloria Lucker
 

Occupational Therapy Association
 

Mr. Alfred Luhr, ill
 

Manufacturers and Traders
 

Trust Co.
 

Ms. Diane Luksch
 

Citibank
 

Ms. Dolores McCarley
 

Resources Planning Associations
 

Inc.
 

Ms. Susan McCartney
 

Small Business Development
 

Center
 

Ms. Deborah Naybor
 

Professio>lal Land Surveyor
 

Ms. Karthryn O'Donnell
 

Botanicus
 

Ms. Betty Perkins-Carpenter 

Senior Fitness Programs, Inc. 

Ms. Sara Pittman 

Sarette Temporaries Inc. 

Ms. Fran Pullano 

Pullano & Company 

Ms. Charlene Ray 

American Women's Economic 

Development Corporation 

Ms. Lynn Rollins 

NY State Division for Women 

Mr. David Session 

Fleet Bank ofNew York 

Ms. Sharon Stiller 

Greater Rochester Chapter 

NAWBO 

Ms. Nora Sullivan 

Rand Capital Corporation 

Ms. Kathleen Whelehan 

Marine Midland Bank 

Ms. Deborah Williams 

Black Cat Computer Wholesale 

Ms. Louise Woerner 

HCR 

Ms. Myrna F. Young 

Everywoman Opportunity 

Center, Inc. 

DALLAS 

Ms. Cindy Alvarado 

North Texas Women's Business 

Development Center 

Ms. Cheryl Basye 

ZoCom Technologies!froy 

Marketing 

Ms. Norma Lee Beasley 

Safeco Land Title ofDallas 

Ms. Shallie Bey 

Rep. Eddie Bernice Johnson 

Ms. Rol1ie Blackwell
 

Gourmet Dallas
 
Expert Policy WOI'kshop Series Participants 

Mr. Walter Boyer
 

United Central Bank
 

Ms. Wanda R. Brice
 

Computer Directions Inc.
 

Ms. Beverly Brooks
 

Beverly Brooks & Associates
 

Ms. Rita Brooks
 

Brooks Glover & Associates
 

Ms. Billie Bryant
 

CESCO, Inc.,
 

Ms. Lisa Buyher
 

Kilgore First National Bank
 

Ms. Theresa Canales-Jud
 

North Texas Women's Business
 

Council
 

Ms. Deborah Cannon
 

NationsBank
 

Ms. Kathy Dawson
 

Dawson Group, Inc.
 

Ms. Loren Eberline
 

Commercial Building
 

Maintenance Co.
 

Ms. Joyce Foreman
 

Foreman Office Products
 

Mr. Kirk Fullerton
 

Compass Bank
 

Ms. Jan Gann
 

Wells Fargo Bank
 

Ms. Vicki Garza
 

The Garza Creative Group
 

Ms. Cynthia Hall
 

Senator Kay Bailey Hutchison
 

Mr. C.D. Heinen
 

Comerica Bank
 

Ms. Jane Holden
 

Bank One, Texas, N.A.
 

Ms. Karyl Innis
 

The INNIS Company
 

Mr. Dennis Keys
 

First Texas Bank
 

Ms. Paula Lambert
 

Mozarella Company
 

Mr. Don Lawhorne
 

Mesbic Ventures, Inc.
 

Ms. Wendy A. Lopez
 

Wendy Lopez & Associates, Inc.
 

Ms. Debra Luther
 

PFS/Ameriserve
 

Ms. Paula Mann
 

Sunbelt Telecommunications, Inc.
 

Ms. Catherine Marrs
 

Liaison, Inc.
 

Ms. Sherry McKinley
 

McKinley Communications
 

Ms. Linda McKitrick
 

Texas Commerce Bank
 

Ms. Dorthy Miller
 

The Miller Agency
 

Ms. Dianne Patterson
 

Claims Services Group
 

Ms. Anita Porco
 

Nurses Today, Inc.
 

Mr. John Rodgers
 

Gateway National Bank
 

Mr. Doug Sanders
 

Citizens National Bank
 

Ms. Doris Thomas
 

Global Travel ofDallas
 

Ms. Mary Alice Warrington
 

Texas Community Bank
 

Mr. Jerry White
 

Southern Methodist University
 

DENVER 

Ms. Raydean Acevedo 

RMCI, Inc. 

Ms. Bonnie Andrikopoulos 

Board of Colorado Microcredit 

Ms. Sonni Biundo 

Rep. Bob Schaffer 

Mr. Alice Borodkin 

Women's Business Chronicle 

Ms. Joy Bums 

World Trade Center 

Ms. Jan Campbell 

Norwest Bank 

Ms. Janney Carpenter 

Shorebank Advisory Services 

Ms. JoAnn Com 

Health Care Resources Group 

Ms. Elaine Demery 

Nelson, Coulson & Associates 

Ms. Selena L. Dunham 

Rep. Diana DeGette 

Ms. Grace Hernandez Fink 

Rep. Dan Schaefer 

Ms. Susan Fisher 

Colorado Women's Business 

Office 

Ms. Marilynn E. Force 

Small Business Center 

Mr. Thomas A. Godwin 

Complexity Simplified, Inc. 

Ms. Erika Gonzalez 

Rocky Mountain News 

Ms. Maurice Goodgaine 

Colorado Banking Board 

Ms. Patricia Foley Hinnen 

Colorado Microcredit 

Ms. Patricia Kreps 

LaJunta State Bank & Trust 

Ms. Martha Kreutz 

Colorado State Representative 

Ms. Margot Adam Langstaff 

Oyster Communications Inc. 

Ms. Susan Matthews 

Camp Kazoo 

Mr. Andrew Miley 

Mountain States Bank 

Ms. Vicki Mullinax 

All American Personnel Services 

Company 

Ms. Jacqueline G. Peterson 

Eldercare 2000 

Ms. Ceyl Prinster 

Colorado Enterprise Fund 

Mr. Bob Schwab 

Denver Post 

Ms. Stephanie Shpall 

Aurora SBDC 

Mr. David E. Skaggs 

U.S. Representative 

Ms. Annette Taylor 

Women's Equity Fund 

Ms. Cindy Taylor 

M3IUlS Companies 

Ms. JoAnne Underhill 

Underhill and Underhill 

Ms. Barbara Walker 

Independent Bankers of Colorado 

Ms. Barbara Wells 

Minor & Brown, P.C. 

FARGO 

Ms. Pat Athmann 

Athmann's Clothing Store 

Ms. Deneen Axtman 

Norwest Bank 

Ms. Bette Blixt 

Caspar's East 40 

Mr. Ron Braseth 

The Goose River Bank 

Ms. Linda Butts 

Prairie Inn Restaurant Corp. 

Ms. Laurie Chatham 

Laurie's Incorporated 

Mr. Greg Cleveland 

BNCBank 

Ms. Patty Corwin 

Corwin Communication 

Ms. Becky Doerr 

The Entrepreneur Network for 

Women 

Ms. Joyce Eisenbraun 

Gateway Marketing 
Expert Policy Wod\.~IIOI. Series Pm'lidpal1ls 

Ms. Ruth Elvold 

NW MN Initiative Fund 

Ms. Belinda Engelhart 

Small Business Development 

Center 

Ms. Janelle Ensrud 

Women's Business Institute 

Ms. Lori Fromke 

Face to Face 

Ms. Virginia Goerger 

Virginia's Photos & Flowers 

Ms. Elaine Goldberg 

Women's Business Institute 

Ms. Devon Green 

Green's Family Foods 

Ms. Betty Grenier 

Creations, Inc. 

Ms. Sue Hartmann 

Lake Agassiz Regional Council 

Ms. Pat Helgeland 

The Entrepreneur Network for 

Women 

Ms. Cynthia Herfindahl 

Cynthia's 

Mr. John Hoeven 

Bank ofNorth Dakota 

Ms. Tara Holt 

Holt and Associates 

Ms. Susan Hoosier 

Women in New Developments 

Mr. Dennis Huber 

United Tribes Technical College 

Ms. Ruth Anne Iverson 

Classic Promotions 

Ms. JoAnne Johnson 

Rep. Collin Peterson 

Ms. Twila Kekahbah 

Kashpaw Enterprises 

Ms. Jean Kiesau 

Home of Economy 

Ms. Joelle King 

Face to Face 

Ms. Penny Knudson 

The Branding Iron 

Ms. Betty Langseth 

Your Designs By Betty 

Mr. David Lessard 

North Dakota Dept.ofBanking 

and Financial Institutions 

Ms. Toni Merdan 

Rep. Collin Peterson 

Ms. Launa Moldenhauser 

Kirkwood Bank & Trust Co. 

Mr. Randy Newman 

First National Bank 

Ms. Lourigne Peterson 

Fashion GaileI)' 

Ms. Kathleen Piper 

Pied Piper Florist 

Ms. Lynn Prestegaard 

Union State Bank 

Ms. Debbie Purdue 

Going Places Magazine 

Ms. June Randall 

P R Company, Inc. 

Ms. Gail Reierson 

Business & Life Resources 

Ms. JoAnn Renfrow 

J&G Landscaping 

Ms. Penny Retzer 

Women's Business Institute 

Ms. Katherine Satrom 

Satrom Travel & Tour, Inc. 

Ms. Lois Scheider 

Senator Kent Conrad 

Ms. Susan Shearer Stumpf 

Harvey Sand & Gravel 

Ms. Holly Smith 

Red Lake Tribal Council 

Ms. Pat Steeves 

Richels Beverages, Inc. 

Mr. Lee Stenjehm 

First International Bank and Trust 

Ms. Linda Steve 

Steve & Hulsing, CPA's 

Mr. Trent Tarvestad 

Ramsey National Bank 

Ms. Marilyn Thelen 

Thelen Drug and Gift 

Ms. Maria Tibbets 

Maria's Cleaning Service 

Mr. Steve Velk 

Bremer Banks-First American 

Bank 

Ms. Arlene Wilhelm 

Excel Cleaners 

KANSAS CITY
 

Ms. Linda Adams 

Chefi)' Pickers Creative 

Ms. Kathleen Barney 

Economic Development 

Corporation 

Ms. Kim Beyer 

Balloons and Beyond 

Ms. Pat Binder 

An Alternative 

Mr. E.L. Birch 

Platte Valley Bank 

Ms. Carol Birkey 

Administrative Services 

Ms. Sheila Birkner 

BDZines 

Ms. Elizabeth Blanchard 

InforMED 

Ms. Janet Bonet 

Metro Home Based Business 

Associates 

Ms. Rosetts Boyd 

Mega Vend Inc. 

Ms. Ethel Brown 

Mercantile Bank of Kansas City 

Ms. Marcie Cecil 

Hammock/Cecil Events, Ltd. 

Ms. Barbara Clark 

Clark's Sports 

Ms. Ida Clayton 

Laser Supercharge 

Ms. Yolanda Cohee 

Sweet Confections by Lonnie 

Ms. Penny Crull 

Mountain Lady, Inc. 

Ms. Ann Crume 

Paper Chase 

Ms. Ann Duchamp 

Computacations, Inc. 

Ms. Freda Durbin 

1st National Bank of Olathe 

Ms. Carolyn Elman 

American Business Women's 

Association 

Ms. Barb Engel 

South KC Chamber of Commerce 

Ms. Katrina Luise Everhart 

National Association ofFemale 

Executives 

Ms. Denise Farris 

Farris Law Firm 

Ms. Linda Flynn 

The Flynn Company 

Ms. Rhonda Gerke 

Rockhurst College 

Ms. Laurel Goforth 

UMBBank 

Ms. Natasha Graves 

Senator Kit Bond 

Ms. Mal)' Grimes 

Letters of Pleasure 

Ms. Laura Guillot 

Rep. Karen McCarthy 

Ms. Sharon Gulick 

Missouri Department of 

Economic Development 
Expert Policy \Vol'kshop Series Pal-ticipants 

Ms. Loyette Hayden 

Let Loy Do It 

Ms. Marian Herrington 

Herrington Display, Ltd. 

Ms. Macie Houston 

Senator Sam Brownback 

Ms. Kathy Hunter 

Commerce Bank 

Ms. Katrina Jackson 

First Step Fund 

Mr. Paul Jokerst 

AT&T Capital Corporation 

Mr. Bob Koliach 

Johnson County Community 

College 

Ms. Michelle Butler Latham 

Rep. Jim Ryun 

Ms. Lisa Linville 

A Mother's Touch 

Mr. David Long 

Johnson County Certified 

Development Company 

Mr. Rick Lutz 

Hillcrest Bank 

Ms. Hildy Ann McElvain 

Decorating Den 

Ms. Loren Medley 

Kansas Electric Power Co-op 

Ms. JanellMoore 

Baby Baskets Delivered 

Ms. Cate Morris 

The C-Net 

Ms. Nancy Nauser 

Consumer Credit Counseling 

Ms. Margie Padgitt 

Balloon Events 

Ms. Jamie Parkison 

Juxtaposo-PhotolProse 

Ms. Dale Pearson 

KC SoHo Buyers's Guide 

Ms. Cathy Pribyl 

Smart Choice 

Ms. Sylvie Radvinsky 

Advanced Computer Services 

Mr. Brad Scott 

Senator Kit Bond 

Ms. Cesse Sessel 

Creative Displays 

Mr. Jack Sherer 

Citizens National Bank 

Ms. Cheryl Simmons 

Office of the Treasurer 

Ms. Charyl Smith 

Coco's After 5 

Ms. Carrie Stapleton 

Phillips-West, Inc. 

Ms. Judy Sutton 

LogoMotion 

Ms. Linda Gill Taylor 

Interim Legal Services 

Mr. Dan Teahan 

Mark Twain Bank 

Ms. Tracy Thomas 

Tracy Thomas PR & Advertising 

Ms. Pam Ulmer 

Accounting and Business 

Resources 

Ms. Laura Valverde 

Host Carpet Care 

Ms. Susan Weir 

Professional Expectations 

Ms. Robin Wells 

Country Club Bank 

Ms. Diane Wier 

Nations Bank 

Mr. Bob Wiley 

Mark Twain Kansas City Bank 

Ms. Becky Wilson 

Wilson Direct Source 

Ms. Cheryl Womack 

VCW,Inc. 

Mr. Tina Wurth 

Natural Soap Co. 

Ms. Gayle Yelenik 

Home is Better 

Ms. Jolinda Young 

Resultex, Inc. 

Ms. Marie Young 

Black Chamber of Commerce 

of Greater KC 

Ms. Barbara Zeigler 

KC Smal! Business Analysts 

Ms. Betty Zeigler 

Insignia Promotions 

NEW ORLEANS
 

Ms. Sandra C. Adams
 

Louisiana Maternal & Child
 

Health Coalition
 

Ms. Lauren Anderson
 

Neighborhood Housing Services
 

Mr. Marvin Beaulieu
 

United Bank & Trust
 

Ms. Cynthia Beaulieu
 

Women Entrepreneurs for
 

Economic Development
 

Ms. Shirley Brown
 

SB Shirlee AMC Co., Inc.
 

Ms. Diane Carney
 

d Enterprises
 

Ms. Trinette Casimere
 

SLBCC Women's Business Center
 

Ms. Cheryl Cramer
 

New Orleans Private Industry
 

Council
 

Ms. Judy Ewell Day
 

Government Relations
 

Ms. Ann Duplessis
 

Liberty Bank and Trust
 

Ms. Susan Eddington
 

Images, Images
 

Mr. Joseph Ewell
 

Southeast Louisiana Black
 

Chamber of Commerce
 

Ms. Teri G. Fontenot 

Women's Health Foundation 

Mr. Bob Gayle 

Chamber of Commerce 

Ms. Cathy Harris 

C. Harris Companies, Inc. 

Ms. Monetta W. Henson 

Henson Production 

Ms. Laverne Kilgore 

SLBCC Women's Business Center 

Ms. Karen Kurtz 

United Air Conditioning 

Mr. Chris Laborde 

Chamber of Commerce 

Ms. Helen W. Lang 

Section 8 Residential Council of 

New Orleans 

Ms. Rosa Langley 

Small and Emerging Business 

Development 

Ms. Dian Lusher 

Dynel Communications 

Ms. Elise McCullough 

Staffing Solutions 

Ms. Rosana Nash 

Conference Child Care Services 

Ms. Sara Roberts 

Sara A. Roberts Professional 

Accounting Corporation 

Ms. Irene Salahuddin 

Salahuddin International 

Ms. JoAnn Slaydon 

Slaydon Consultants, Inc. 

Ms. Patsy Strider 

Casa-New Orleans 

Ms. Crystal Jones Taylor 

National Center for Public & 

Private Alternatives 

Ms. Herma Thomas 

Women in Community Service 

(WICS) 

Ms. Carol Ward 

Hibernia National Bank 
Expc.,t Policy Workshop Series Participants 

Ms. Viola Washington 

Welfare Rights Organization 

Ms. Judith Watts 

Agenda for Children 

Ms. Monalina Wilson 

Cierra Productions, Inc 

SAN FRANCISCO 

Ms. Eve Abbott 

Organizer Extraordinaire 

Ms. Cherie Arnold 

Capital Missions Company 

Ms. Dina Jan Artz 

Paine Webber, Inc. 

Mr. Paul Bidinger 

GirlTech 

Ms. Karen Bixby 

Oasis Capital 

Ms. Christine Cordaro 

Aurora Ventures Partners 

Ms. Twila Foster 

Jackson Tufts Cole and 

Black, LLP 

Ms. Cathy Gawne 

Shapiro, Rosenfeld & Close 

Ms. Sylvia Gerst 

Gerst App, Inc. 

Ms. Dianne Giancarlo 

Giancarlo & Gnazzo 

Ms. Anne Gingras 

Systems Partners 

Dr. Virginia Gordon 

Safety Associates, Inc. 

Ms. Pamela Gray 

HeImetika, Inc. 

• 

Ms. Loren Gruner 

Integral Results 

Dr. Marianne Hamm 

Accsys Technology, Inc. 

Ms. Joan Horvath 

Jet Propulsion Laboratory 

Ms. Mary Howell
 

Seismic Valve Company
 

Ms. N. Whitney Johns
 

Capital Across America, Inc.
 

Ms. Anna Johnson
 

VR Communications, Inc.
 

Ms. Linda Kazares
 

Ambit International, Inc.
 

Ms. Jennifer Kenny
 

Emergent Management
 

Consulting, Inc.
 

Ms. Lynn Leahy
 

Leahy & Associates
 

Ms. Etienne Legrande
 

The Enterprise Group
 

Ms. Linda Lipscomb
 

Hoven, Ness, Lipscomb & Cross
 

Ms. Karen Marengi
 

Smith Barney, Inc.
 

Ms. Teresa Martin
 

Project Cool
 

Ms. Wanda Martinez
 

Dean Ryan Consultants &
 

Designers
 

Ms. Susan Mason
 

Onset Ventures
 

Ms. Marlene McDaniel
 

Wire Networks
 

Ms. Elena Medo
 

White River Concepts
 

Ms. Kate Mitchel
 

Bank America Ventures
 

Ms. Catherine Muther
 

Three Guineas Fund
 

Ms. Meryl Natchez
 

Tech ProselMaster Software
 

Ms. Fira Nazari
 

Citibank
 

Ms. Bren Norris
 

Bren Norris Associates, Inc
 

Ms. Audrey Rice Oliver
 

Integrated Business Solutions
 

Ms. Denise Ryan
 

Stallion Technologies
 

Ms. Carol Sands
 

Sands Marketingplus, Inc.
 

Ms. Gail Schulte
 

Abingdon Business Capital
 

Ms. Janese Swanson
 

GirlTech
 

Ms. Virginia Turezyn
 

Information Technology Ventures
 

Ms. Elna Tymes
 

Los Trancos Systems
 

Ms. Pam Versaw
 

Medicounsel
 

Ms. Dorothy Webster
 

Webester Institute ofTechnical
 

Skills
 

Ms. Lily C. Yang
 

Neuromark
 

SEATTLE 

Ms. Anne Abrams 

Bow Wow Meow 

Mr. Ernest Ballou 

Wells Fargo Bank 

Ms. JoAnne Bassett 

Bassett Aromatheraphy 

Ms. Madeline Beery 

Aids Impaet 

Ms. Fran Bigelow 

Fran's Chocolates, Ltd. 

Mr. James Bishop 

Skagit State Bank 

Ms. Halina Bojarski 

Bojarski and Associates 

Ms. Florine Bolar 

Senator Slade Gorton 

Mr. Robert Bryce 

First Heritage Bank 

Ms. Phyllis Campbell 

US Bank of Washington 

Ms. Anna Marie Canales 

Solei! Noir District 

Mr. Michael Cann 

Whidbey Island Bank 

Mr. John Canning 

AT&T Small Business Lending 

Corporation 

Mr. J.E. Cannichael 

Kitsap Bank 

Mr. Mike Clementz 

North Sound Bank 

Ms. Joyce Coffaro 

Coffaro's Baking Company 

Mr. Damian Cordova 

Rep. Jim McDermott 

Ms. Melaine Dequesnel 

Wells Fargo Bank 

Mr. Patrick Fahey 

Pacific Northwest Bank 

Mr. Anthony Feraro 

Zions First National Bank 

Ms. Jean Ferries 

Brooksode Soap, Inc. 

Ms. Janice Friedman 

JFMR, IncILynlee's 

Ms. Sally Fuller 

Cascade Signs 

Ms. Linda Granat 

Seattle VIP Services Inc. 

Ms. Roberta Greer 

Tillicum Village and Tour 

Ms. Julie Hadnot 

Rep. Ronald V. Dellums 

Mr. Conrad Hanson 

Citibank 

Ms. Kay Harlan 

Another Door to Learning 

Mr. Scott Harvey 

Kitsap Bank 

Ms. Stacy Hill 

Stock & Hill Landscapes, Inc. 
Expe.-t Policy WOI-kshop Se.-ies Pat-ticipants 

Ms. Kay Hirai 

Studio 904, Inc. 

Mr. Ralph Holliday 

KeyBank National Association 

Ms. Elizabeth Huang 

Washington First International 

Bank 

Ms. Kazuko Ishirnaru 

Emerald City Export 

Ms. Sally Jewell 

Western Bank 

Ms. Donna Jordan 

Heller First Capital Corporation 

Mr. Douglass Kemper 

Key Bank 

Ms. Laurie Klein 

Valberg Corporation 

Mr. Richard Kneipp 

Islanders Bank 

Ms. Marianne Kriezek 

Sound Micro Systems 

Mr. Paul Leliakov 

The Money Store Investment 

Corp. 

Ms. Kristina Masreliez 

Kaytek Marine, Inc. 

Ms. Gretchen Mathers 

Gretchen's of Course 

Ms. Beverly McConaghy 

Financial Network Investment 

Corporation 

Ms. Duce McLean 

Thistle Press & Seattle 

Walking Tours 

Ms. Paula Medina 

Mediterranean Italian Fashions 

Ms. Gina Medina 

Mediterranean Italian Fashions 

Mr. Rick Meikle 

Towne Bank 

Ms. Tish Oye 

Glassworks 

Ms. Vallie Pavino 

Pavison Worldwide enterprises 

Ms. Clare Petrich 

Marine Relate Real Estate 

Ms. Nancy Ray 

Rucker's Bo'K's 

Mr. Patrick Redmond 

VIking Community Bank 

Mr. John Rindlaub 

Bank ofAmerica, NW NA dba 

Seafrrst Bank 

Ms. Delores Rossman 

K'lyte International Inc. 

Ms. Jean Sensei 

Sensei & AssociatesfThe 

Exchange Tavern 

Ms. Diane Symms 

Lombardi's Cucina 

Ms. Patricia Taylor 

Rep. Jim McDermott 

Mr. Roy Throndson 

Evergreen Bank 

Ms. Grace Tsujikawa Boyd 

Pyro Media 

Ms. Linda Wilson 

AdCorp 

Mr. Scott Winship 

North Pacific Bank 

Mr. Daniel Yerrington 

Centennial Bank 

Ms. Jody Yoder 

Accountant 

•