October I, 2014 Minority & Small Business Week You Go Girl! Page 5 ously as a business owner, especially when you’re small, is the hardest part,” said Karen Lawrence, owner o f It's My Affair, LLC, an event management firm. In spite o f the obstacles, consider these statistics and decide for yourself whether or not you think women-owned businesses, especially women o f color, have succeeded. W omen-owned businesses created 23 million jobs (16 percent of all jobs available) by 2009; were responsible for an economic impact of $3 trillion; and rank second only to publicly traded companies. Growing Black Women-Owned Businesses African-American women are breaking records and making sig­ nificant economic impact with their businesses. Between 1997and2013, the growth of black women as busi­ ness owners grew an unprecedented 258 percent. To put this in perspective, this growth is six times the national av­ erage and the economic impact from black female owned businesses was $226billion in revenue. But the road to success has not been easy. Women face more barriers to success than men. For example, loans and venture capital are much more difficult for women-owned busi­ nesses to secure. Government con­ tracts are harder to obtain. “Getting people to take you seri- The growth o f African-American women as business owners is six times the national average. mmhmhmmhhnhhwbmwmmhm ^ ^ Grants Support Workplace Development The Bank of America Charitable Foundation last week announced $422,500 in workforce and commu­ nity developm ent grants to 22 nonprofits in Portland to help indi­ viduals and families build better fi­ nancial lives. These grants will sup­ port education, jobs, affordable housing and neighborhood revital­ ization; areas vital to creating healthy communities. According to the grant recipients, roughly 175,000 individuals will be impacted by these grants, more than 5,000 students will be to be the first person in their family to attend an institute of higher education and 238 people will receive homeownership counseling services. A few o f the local organizations receiving funding include Evergreen Habitat for Humanity, to support local students who will use math skills to build a house; Innovative Changes, to fund financial educa­ tion, credit building opportunities and post-secondary education; Hacienda Community Development to serve and meet the need of first tim e hom ebuyers; and O regon Tradeswomen, to support a pro­ gram that fosters the self-sufficiency of low-income women by providing job training and job placement. For more information or to submit an application for grant funding, visit bankofamerica.com/founda- tion. » G o o d -b y e , s h o rt-te rm fixes. Home Equity Line of Credit O' Hello, long-term improvements. Introductory rate tor 5 m onths Rates as low as 1.50- 3.99 a <*less The introductory interest rate will be fixed at 1 50% during the five month introductory 8,1 LTV.?tl0re Offer 18 a*ai,at>te * * new appHcatlons submitted from September 2.2014 to October 31,2014 Existing customers are eligible with at least a $20,000 increase in nf Wr” luctof> P^tod: the APR is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published m the Wall Street Journal. As L?68 ° * CrBdW Tanged from 3 W% W to 8 24% H'9herra,es n«y apply lor lower credit limits (depending upon the market), an LTV at or above 80 *. a low credit score and/or not having a U S Bank personal ftockage Checking account. The rate will not vary above 1 8 * APR, a applicable state law. or below 1.50* APR Choosing an interest only repayment may cause your monthly payment to ' y * ase„possib,V substantially once your credit line transitions into the repayment period An annual lee ot up Io $90 may apply after the first year and is waived with a US Bank personal Platinum Checking Packaqe 1 33 | , K.nsurn7 ?r'.Cin? lnf° r,™tK5n brooiure * * tenns and conditions that apply to US Bank Package Checking accounts Loan approval is sublet to credit approval and program guidelines Not all loan programs are available in all states tor alt loan amounts Interest rates and program terms are sublet to change without notice Customer pays no closing costs except escrow related funding costs Property insurance is required rwsi« Consult your tax advisor regarding the deductibility ot interest Other restrictions may apply Home Equity Loans and Lines ot Credit are offered through US Bank National Association Deposit Products are offered L E N D E R through U.S. Bank National Association Member FOIC. ©2014 U.S. Bank All rights reserved 140989