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Guide For Financing Business Growth Offers Advice For Women Business Owners

Submitted by: KeyBank

Categories: Finance, Human Resources & Diversity

Posted: Apr 04, 2007 – 06:11 PM EST


Center for Women’s Business Research Publication Sponsored by KeyBank

Apr. 04 /CSRwire/ - WASHINGTON, DC, April 4, 2007 – For the first time, years of research on the business practices of women business owners has been distilled into an accessible and comprehensive guide to obtaining and strategically using capital to grow a business.

Financing Business Growth: Proven Strategies for Women Business Owners from Women Business Owners provides not only the stories of successful women entrepreneurs but also dos and don’ts, ideas, resources and an overview of the appropriate options for financing growth. KeyBank, a longstanding sponsor of the Center for Women’s Business Research, underwrote the guide through its women business program, Key4Women.

“The Center for Women’s Business Research is probably the only organization that has been tracking women entrepreneurs’ access to and use of capital for almost two decades,” said Margaret Smith, chair of the Center.

“We know that nine out of 10 women business owners want to expand their businesses. This guide provides all women entrepreneurs the opportunity to tap into the wisdom and knowledge of the thousands of women included in our research who can show the way to business growth.”

According to the Center’s research, four in 10 women entrepreneurs want their businesses to become as large as possible and 83 percent want to increase their firm’s profitability. However, only three percent of all privately-held women-owned businesses generate $1 million or more in annual revenues. This is compared to six percent for men-owned businesses.

"Women business owners enjoy and place a strong value on networking and sharing tips on how to improve their businesses," said Maria Coyne, Executive Vice President, KeyBank, Key4Women. “As one of the nation’s largest financial services companies and one of the top small business lenders to women-owned businesses, the guide reflects our dedication to providing information and education to women business owners on gaining access to capital and networking programs, two of the most crucial elements of helping their businesses grow and thrive."

According to the guide, the attributes of those who reach $1 million or more in revenues include: planning for growth, setting goals, selling to other businesses, constant upgrading of their skills, and bringing in business partners.

Women business owners featured in the guide exemplified what the research found regarding success strategies for obtaining capital which included: consulting with professional business advisers, establishing ongoing relationships with their banks, and utilizing financial records to measure their status on a regular basis.

The guide also points out how to find the right lender, what to expect from a business banker, and what type of financing matches your stage of business growth.

“We recognize the unique challenges that women business owners face and offer not only the financing they need, but also the guidance and partnerships they should expect from a trusted adviser,” said Coyne.

The guide also includes examples of women who have been successful in obtaining capital; comments from women business owners on their personal financial successes and strategies; comments from bankers and a comprehensive glossary explaining financial products and services for business growth.

A podcast, “Six Habits of the Million Dollar Woman Business Owner”, covering topics from the guide is available April 4 on http://www.key.com/women. The podcast features elements from the guide and offers commentary from Dr. Sharon G. Hadary, Executive Director for the Center for Women's Business Research.

The full report, Financing Business Growth: Proven Strategies for Women Business Owners from Women Business Owners, may be purchased from the Center for Women’s Business Research. (Discounts are available for Center Corporate Partners and NAWBO members.) For further information, contact: Center for Women’s Business Research, 1411 K Street, NW, Suite 1350, Washington, DC 20005-3407. Phone: 202-638-3060, ext. 710. Email: info@womensbusinessresearch.org.

Center for Women’s Business Research
The Center for Women’s Business Research turns research into knowledge—the most up-to-date and comprehensive knowledge about one of the most dynamic and fastest growing sectors of the U.S. economy: the 10.4 million businesses owned by women.

Our research enables America’s top corporations, government policymakers, associations, and advocacy organizations to make informed, progressive decisions about programs and policies designed to reach and benefit women entrepreneurs.

The Center’s mission is to provide knowledge that propels the growth of women business owners and their enterprises by: setting the national agenda; creating insight on the status and achievements of women business owners; altering perceptions about the economic viability and progress of women-owned enterprises; and driving awareness of the economic and social impact of this vital business sector. Visit us online at https://www.womensbusinessresearch.org.

About KeyCorp
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $92 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/. Key4Women, a unique program launched by KeyBank, helps women business owners by providing them access to capital; customized service; financial tools and relevant networks, and underscores Key’s support of causes and activities that matter most to women.

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Note to Editors: For up-to-date company information, media contacts and facts and figures about Key’s lines of business, visit our Media Newsroom at Key.com/newsroom.

For more information, please contact:

Juanita M. Weaver Center for Women’s Business Research
Phone: 202.638.3060 x 719
Staci White KeyCorp
Phone: 216.828.7539


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