| Wisconsin Women's Business Initiative Corporation 20 years of helping the disadvantaged realize their American dream By Laura Salinger |
| WWBIC offers a number of programs to stimulate economic development in Wisconsin, including direct loans; one-on-one business assistance; business education; financial education; and Individual Development Accounts (IDAs). In just 20 years, WWBIC has directly financed over 750 businesses; helped create 2,500 jobs in Wisconsin; assisted 64 low-wealth individuals to purchase their first home; and aided 44 people in their endeavors to return to school or pursue a post-secondary education. "This is really an organization that impacts lives on a daily basis," Baumann said. For those that dream of owning and operating their own business, WWBIC offers 350 business education classes a year. Baumann likens these classes to a "reality show on starting a business." The classes help people discover if they truly have the makings of an entrepreneur and if their business idea is actually viable. "What is unique about our classes is that they are very welcoming and user-friendly," Baumann said. "We focus a lot on strategy and help people with the resources they need." WWBIC, however, doesn't stop at business education. They also help numerous people each year with loans to start-up or enhance small businesses across the state. In 2006 alone, WWBIC assisted in the startup, expansion, and sustainability of over 200 businesses, which created and retained 500 jobs in Wisconsin. They lent $2 million in direct loans to 73 business clients and helped leverage $3 million in loans from other financial institutions. On a smaller, more individualized scale, WWBIC stimulates economic development with their Financial Awareness educational programming. Their Financial Awareness classes are designed to help low-wealth individuals get smart about their money. "We really help them think about the basics of money," Baumann said. "We help them understand how money works and how they can make smart and smarter choices with their money. The biggest part, really, is helping people with a spending plan and a savings plan." WWBIC also helps income-eligible participants with their Individual Development Accounts (IDA) program, which is a matched savings accounts. For every dollar that a participant saves, WWBIC and the federal government each kick in a dollar. Thus, participants earn $2 for every one they save, which must be used for one of three things; starting or growing a business, purchasing their first home, or returning to school. Throughout the years, WWBIC has proven to be a valuable community resource to help stimulate economic growth in Wisconsin by serving groups who are disproportionately left behind. On October 24, WWBIC staff, clients, and business partners, met to celebrate the success of this two-decade old organization. The event kicked off with a WWBIC Client Trade Show and culminated in a luncheon featuring guest speaker Barbara Smith, better known as B. Smith. Smith hosts the lifestyle television show B. Smith with Style and has been a featured guest on Oprah, Good Morning America, the View, and NBC's Today where she shared her expertise in fashion, décor, and cuisine. Smith started her career as a fashion model in the ?70s and was notably the first African American woman to land on the cover of Mademoiselle. In the mid '80s, Smith broke away from modeling to open her first restaurant B. Smith in New York City. Since then she has become a notable name in her field and has created the B. Smith with Style Home Collection for Bed, Bath & Beyond and most recently, a furniture collection. In 2006, B. Smith Enterprises generated an annual revenue of $75 million. As a woman of color, B. Smith has twice beaten the odds by creating a multi-million dollar enterprise. Her story serves as an inspiration to communities who are underrepresented in the business world. She proves it can be done. WWBIC is here to help Wisconsinites realize their dreams too. |
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| On October 24th, the Wisconsin Women's Business Initiative Corporation (WWBIC) celebrated their 20th Anniversary with a luncheon at the Midwest Airlines Center in Milwaukee. WWBIC, a non-profit, statewide economic development corporation, is notably the largest micro-lender in the state. They are directly responsible for helping numerous underrepresented individuals discover their dreams of business ownership, home ownership, and financial independence. "We focus specifically on women, people of color, and people of low-wealth," WWBIC President Wendy Baumann (LEFT) explained. "While disparity continues, there really needs to be programs so that parity can be realized. We are one of those programs." |