Necessity has often been given credit for being the “mother of invention.”
“In a down economy, that’s when people start businesses, many economists are saying that these people (middle-aged workers who have lost their jobs) will probably never find jobs,” explains Marsha Bailey, CEO/Founder of Women’s Economic Ventures (WEV), a non-profit which for nearly 20 years has helped clients reinvent themselves by giving them the knowledge and resources to start their own business.
Started in 1991, WEV has helped roughly 2,000 businesses expand or start from scratch. These businesses extend all the way from Studio City up to Oceano with a good number of them located in Goleta and right here in the Santa Ynez Valley. Many of the start-up ventures happen to be service-oriented as those usually take the least amount of money and are where many women have hands-on job experience.
Even though nearly 10 percent of funding for loans comes from the Office of Women’s Business Ownership, women aren’t the only ones who benefit from WEV. “Over our history, probably over half our loans have been made to men as well,” confirms Bailey, as just about all the classes offered by the organization have men in them.
For startups, loans are available for as small as $1,000 and for as high as $25,000. For existing establishments, loans as high as $50,000 can be obtained.
In September, WEV will conduct their 14-week, 56-hour Self Employment Training Class for those interested in starting their own business. There is also a six-week Business Plan Intensive Class geared toward owners with existing businesses or entrepreneurs who have extensive experience in their field. Among some of the local businesses that have benefited from the programs are: A Blissful Place Spa and Z Folio Gallery in Solvang, and Ideal Concrete Construction and Zizzo’s Coffee in Goleta. WEV also takes an interest in seeing businesses develop and grow. Their current “Thrive in Five” campaign is an example of their dedication in seeing small business succeed. Based on a formula where owners need to acknowledge that their operations will take a while to get off the ground, the organization provides these small business owners with a program that focuses on keeping them sustainable for the future. Each owner brings in their written business plan and agrees to commit to the program for at least 12 months and up to five years. Along the way, these operators will work together with case managers\business development specialists and meet at least quarterly. They’ll also meet for a minimum of five hours with outside consultants, setting annual goals and attending monthly webinars, while receiving coaching calls to answer their questions on specific topics.
Information concerning WEV’s programs can be found at www.wevonline.org. According to Bailey, at least 25 percent of the organization’s clients are unemployed. With the job market not looking too hopeful in the near future, the organization provides an alternative to re-entering the workforce that many may need.