What if every woman in the United States donated $5 to a fund
that would help women start businesses? Can you imagine the impact
that would have?
Entrepreneurial activist Nell Merlino can. In fact, she's
gone beyond imagining that scenario to turning it into a reality.
This consultant who worked with the Ms. Foundation to help develop
Take Our Daughters to Work Day has teamed up with media specialist
Iris Burnett to form an Internet-based microloan fund for aspiring
women entrepreneurs.
What the two women did was tweak an idea that's been growing
in America for more than 25 years: microlending. The twist: Instead
of seeking contributions solely from government and private
foundations, as most microloan funds do, this one also solicits
contributions from individual women. By April 2001, the Count Me In
for Women's Economic Independence fund had collected $2
million, including $100,000 from individual contributors whose
average donation was $15. We spoke to Merlino about the power of
women helping women.
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Why do you think women have been so supportive in helping
your efforts? Is it because we have an urge to nurture?
Nell Merlino: I generally
don't like to ascribe a characteristic to an entire group of
people. But certainly women have an interest in helping.
There's plenty of evidence for that. We play those roles in the
family, in our communities and at work. But I also think women want
to lead and build lives that are flexible.
They're contributing not just out of a desire to help
others, but also to make sure the opportunity is there for women to
do what they want to do. I believe there are many women who either
had the experience of starting a business, or are thinking about
it, or are watching a close friend or relative try to do it, and
they want to help.
Were you surprised by the response from individual women and
girls?
Merlino: Yes. But very
pleased with the contributions we've received. The more women
hear about it, the more contributions we get. I don't think
this is something you hear about one minute and make a contribution
the next. [Contributions] improve as people get familiar with the
concept of women being able to help each other.
It seems a bit unusual to target individual donations rather
than just foundations and corporations. Why did you take this
route?
Merlino: We thought the
broader we made it, the more interest and support we would have. I
think it means a lot for the women who get our loans to know it
could be somebody down the street who put in $10 or $15.
[With most corporate donors,] the people who contributed to us
first have been women. The heads of the American Express, Verizon
and BP Amoco foundations are all female.
So far, Count Me In has made loans to 115 women in 39 states,
ranging in size from $500 to $10,000 and totaling more than
$300,000.
| | | GET A BIG
CHARGE:American Express and three
microlenders have joined forces to broaden the concept of people
helping people by creating the Community Business Credit Card.
Entrepreneurs use this card just like other American Express cards,
but 1 percent of what they charge is donated to Count Me In for
Women's Economic Independence, microlender Acción
International and the Association for Enterprise Opportunity, a
microlending umbrella organization. The first funds, which are
expected to reach several million dollars, will be dispersed in
2002. At least 60 percent of proceeds donated to each microlender
must be used for loans or technical assistance. For more
information or to apply, visit www.americanexpress.com/communitybusiness. |
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