By Rebecca Maitland, Correspondent
Updated 11:12 am CST, Wednesday, December 18, 2019
GHWCC and LiftFund, a nonprofit small business community lender, will launch one of Houston’s first revolving small business loan funds, called the GHWCC LAUNCH Fund.
GHWCC and LiftFund, a nonprofit small business community lender, will launch one of Houston’s first revolving small business loan funds, called the GHWCC LAUNCH Fund.
Photo: Shutterstock
GHWCC and LiftFund, a nonprofit small business community lender, will launch one of Houston’s first revolving small business loan funds, called the GHWCC LAUNCH Fund.
GHWCC and LiftFund, a nonprofit small business community lender, will launch one of Houston’s first revolving small business loan funds, called the GHWCC LAUNCH Fund.
Photo: Shutterstock
Launching entrepreneurial women in business
The last census indicated that women business owners represent 40 percent of all small businesses in Houston, making a significant contribution to the local economy.
Moreover, the gender gap in equity financing is very prevalent at the local and national levels. The National Women’s Business Council reported that only 5.5 percent of women-owned businesses in the U.S. access capital from banks or other financial institutions compared to 11.4 percent of male-owned companies, hindering their ability to launch and grow. However, the Greater Houston Women’s Chamber of Commerce, (GHWCC) is working to improve these statistics. GHWCC and LiftFund, a nonprofit small business community lender, will launch one of Houston’s first revolving small business loan funds, called the GHWCC LAUNCH Fund. The fund will support women entrepreneurs by offering access to capital and business resources to foster female entrepreneurship and reduce the challenges women face when accessing capital. “Our chamber already powers the Houston chapter of the Golden Seeds Angel Fund. So, this new GHWCC LAUNCH Fund allows us to provide yet another valuable economic development resource for deserving entrepreneurial women to create and grow a sustainable business,” said Suzan Deison, CEO/President/Founder of the GHWCC. And there is a great deal more that the GHWCC offers women. “The chamber provides unlimited support and mentorships from successful women in business. We also are growing collaborations, and visibility, and more,” said Mila Golovine, chair of the new LAUNCH program. PurePoint Financial, a hybrid digital bank and a division of MUFG Union Bank, N.A. has contributed a seed grant of $10,000, earmarked for women-owned small businesses. As the money is lent and repaid, the initial $10,000 will revolve in perpetuity helping multiple women-owned businesses over time. “Small businesses are the economic engines that propel our communities forward. We are proud to support this newly formed fund, which will empower more women in the Houston area to reach their dreams of launching a business,” said Shannon Mosher, manager, PurePoint Financial. At LiftFund, 70 percent of the female entrepreneurs served are startups and companies with less than five years in business. “The GHWCC LAUNCH Fund will allow us to further our commitment to remove barriers for deserving women entrepreneurs so they can reach economic prosperity through entrepreneurship,” said Jennifer Dale, vice president of lending for Houston and the East Texas Region, LiftFund. The GHWCC is a non-profit business organization of influential and diverse women and men dedicated to the advancement and empowerment of women through avenues of leadership, education, advocacy, and mentoring. To learn more about the GHWCC LAUNCH Fund, go to http://www.ghwcc.org.
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