Count Me In: Small Business Loans for Women

Never underestimate the resourcefulness of women. In 1999 Nell Merlino started Count Me In, a nonprofit organization lending directly to women entrepreneurs – particularly those that have had difficulty securing that all-important first loan.

The facts speak for themselves – women own 38 percent of small businesses but only receive 12 percent of bank credit. And it’s even harder for women of color. Only 38 percent of African-American and 50 percent of Hispanic women were awarded credit in 1998, according to the National Foundation of Women Business Owners.

Where most people saw discouraging trends, Merlino saw opportunity and an untapped market in business lending.

“We started Count Me In because traditional lenders and the credit scoring system don’t take into account women’s unique circumstances. Count Me In knows that when women are given economic and business tools they are a driving force in the local economy,” said Merlino, Count Me In CEO.

Giving Women a Chance
The success of Count Me In is providing women from all walks of life with loans that have helped them to start hair salons, yoga studios, auto repair shops, online stores and catering businesses, just to name a few. The organization allows women to apply for a loan directly online through its Web site, www.count-me-in.org.

“The greatest barrier in economic independence is the difficulty in finding a financial institution that believes in your idea and is willing to back you up with financing. Count Me In did that,” says Jennifer Genter, who started her handcrafted doll-making business in New Orleans using a $5,000 loan from Count Me In.

A Solid Investment
To support its lending, Count Me In receives contributions from individuals and institutions wanting to invest in the economic independence of women. Through its Invest in Women Notes program, Count Me In offers institutional and individual investors the opportunity to support its mission by buying interest-bearing notes. The money is pooled into a revolving loan fund, which goes directly to women entrepreneurs.

Loan recipient Heather McCartney owns Ethnic Edibles, a cookie company in the Bronx, New York that uses traditional shapes and symbols from cultures around the world. With no traditional business experience, McCartney doubted that she could get a traditional bank loan, but said that Count Me In helped to give her the self-esteem and financial support to fulfill her business dreams.

“I think the greatest barrier for women is self-doubt. I hope that my success as an unlikely businesswoman encourages and inspires others,” said McCartney.

For more information about Count Me In, to apply for a loan or to purchase Invest in Women Notes, visit www.count-me-in.org or contact their offices at 22 West 26th Street, Suite 9H, New York, NY 10010 or (212) 691-6380.

• Since 2000, Count Me In has awarded more than $700,000 in loans to over 300 women, age 18 to 75, in 45 states.
• Borrowers can take out loans in amounts ranging from $500 to $10,000.
• Count Me In currently has $1 million available to lend women entrepreneurs.
• Count Me In sells Invest in Women Notes starting at $2,000. Notes are offered in terms of one, three or five years with money market returns.
• Count Me In depends on contributions from individuals and corporations to help women entrepreneurs.