I had the pleasure of attending the Bad Girl Ventures Cleveland spring 2012 unveiling ceremony last night. What is Bad Girl Ventures you ask? Well its awesome, but I took this info from the website to better explain.....
What we do...Think Kiva.org meets The Apprentice. Bad Girl Ventures has created a micro-lending program where individuals can donate money to startup a company (BGV), but then watch that money fuel other startup companies. We have teamed that concept with a training program that will equip each participant with the tools to attain financing for her startup.
While women make up 60% of the US population and earn 60% of all bachelor degrees, Ohio has struggled to find women to lead startup companies. This is not because women lack the ideas or the capacity. Women simply have a more difficult time finding financing. In fact, although women own 50% of all privately held companies, they have access to only 5% of traditional capital. Bad Girl Ventures is intended to be a highly localized micro-lending organization focused on woman-owned startups to address this disparity.
How we do it...Bad Girl Ventures combines micro-lending with a nine week business development course. Each three hour class is taught successful business owners and professionals from the local community with in-depth experience in their fields. Each class consists of a two hour classroom session followed by a one hour one-on-one coaching session where experts in the industry spend time answering questions in a "speed date" type setting. Each nine week course is held two to three times a year.
Finalist As a finalist, you will attend the nine week business essentials course on scholarship and compete against 9 other women owned businesses in order to win a $25,000 loan. Finalists must participate in the application process and meet the following requirements:
women owned business
- *in business for 5 years or less
- *need for a $25,000 low interest loan
at and full completion of the 9 week course
- After reviewing all applications submitted, 13 applicants are selected to participate in interviews and then 10 will be selected as finalists to attend the program on scholarship. Each finalist is paired with a SCORE counselor to mentor her throughout the program and is expected to complete and submit by the end of the course, a homework assignment for each class, a business plan, a marketing plan, 5 year financial projections, and a SBA loan application. At the end of the course each finalist will present to the investment committee who will determine who receives the $25,000 loan. The loan is awarded at a graduation celebrating the completion of the course.
|Spotted: Girlfriend in a maxi skirt!|