Women's Exchange of Washtenaw Starts 2011 Microloan Program

The Women's Exchange of Washtenaw Wednesday announced the launch of its annual microloan program to assist local women-owned businesses reach critical, near-term growth milestones.

For-profit companies that are at least 51 percent women-owned and in their growth stage are eligible to apply for the 2011 micro loan. Companies must also be headquartered or have a majority of their operations in Washtenaw County and must be generating revenue through sales with a minimum of a year and a month of sales history in order to be eligible to apply.

The premier micro loan of $5,000, which will be awarded in 2011, can be used to hire new staff, increase marketing, business development and expansion, improve competitiveness or protect intellectual property. The micro loan may not be used to hire a consultant, pay off debt or cover operational expenses.

Complete program information and application instructions are provided on WXW's website: http://wxwbusiness.com/micro-loan/

Applications are currently being accepted. Candidates are being asked to submit a proposal describing how the micro loan will help to grow their company to microloan@wxwbusiness.com.  The deadline for submission is Wednesday, Jan. 19, 2011 and the first annual microloan will be awarded on March 3, 2011.  All business owners are encouraged to apply.

The mission of the Women's Exchange of Washtenaw is to host unique events where women business leaders talk through their issues, share experiences and ideas, and form lasting connections. Ann Arbor businesswomen Carrie Hensel and Debra Power founded WXW in 2007. They saw the need for an organization dedicated to women who are building strong and growing companies. Today, the WXW serves over 800 women with interactive events and networking opportunities.

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