Make Mine a Million $ Business RACE

In 2007, while researching resources for participants in Washington Community Alliance for Self Help (aka "Washington CASH"), a micro-finance program for low income entrepreneurs, I discovered the "Make Mine a Million $ Business Award" - a competition program for women entrepreneurs. I read and was inspired by the success story of Gina Stern a 2006 Make Mine a Million Award a  recipient who founded d_parture Spa -- an airport full service spa business that has become successful.

The "Make Mine a Million $ Business Award" competition program was conceived by Nell Merlino who realized that while aspiring female entrepreneurs have innovative ideas, they often lacked the tools they need to grow a profitable business.  Nell founded "Count Me In" -- an organisation that provides the support that women entrepreneurs need to thrive and grow their business. According to Nell, Make Mine a Million started as a result of Beatriz Ramos, founder of  Dancing Diablo a Brooklyn-based animation business that had received micro-finance, need for a higher level of financing to expand her growing business.

Through her blog, Nell offers expert insider tips and her secrets to success! The secrets to business success that Nell offers are not just peculiar to women -- they apply to all businesses and entrepreneurs. The goal of Make Mine a Million $ Business is to inspire one million women entrepreneurs to reach annual revenues of $1 million in the next decade. The impact of reaching this goal is creation of over 4 million new jobs and $700 billion in economic activity. With 97% of all women-owned businesses in the U.S. reporting less than 1million $ in revenue, Make Mine a Million $ Business Award goal is to address the growth needs of established and new women-owned businesses.

"Count Me In" has partnered with several organisations such as American Express Open Forum, Cisco, Dell, FedEx, jetBlue, Reader's Digest and Sam's Club to provide coaching, financing and marketing tools that women entrepreneurs need to help grow their businesses from micro levels to millions in revenue.

Each year, "Count Me In" runs a competition titled "Make Mine a Million $ Business". It allows women entrepreneurs that are US residents who have innovative and unique business ideas to apply for funding and tools that are likely to help ensure their success and goal of reaching a million dollars or more in sales revenue within 18-24 months. The competition is open to all women entrepreneurs that meet the eligibility criteria.

Winning the competition allows the woman entrepreneur the opportunity to reach new national markets with partners like American Express Open Forum, Cisco, Dell, FedEx, jetBlue, Reader's Digest and Sam's Club.

The program abounds with numerous success stories some of which you can read about below:

1. Women On the Move
   
2. Good News from Kimberly Martinez
   
3. Renee Wood: The Comfort Company
   
4. How Cynthia Rubio Turned an Idea Into a Million Dollar Business 
   
5. Watch Make Mine a Million $ Business Awardee discuss Work Life Balance
   
6. More Inspirational Stories
   

If you or a woman entrepreneur that you know meets the eligibility criteria, you should complete the application. Whether you win the competition or not, you will still reap immense benefits from completing the application -- you become a member of the M3 Community! M3 Community members also receive the following benefits: 

• Opportunities to connect with the thousands of women entrepreneurs, potential strategic partners, clients, and vendors
• Forums to discuss business growth questions, comments and concerns on our message boards.
• Real-time feedback from other entrepreneurs and experts on your day-to-day concerns.
• Opportunity to market your business to thousands of women by completing your profile page
• Business growth tips, advice, and success stories in our monthly newsletter.
• Be the first to know about our upcoming webinars, live workshops, seminars and events.
• Face to face meetings with women entrepreneurs in your local area through Meetups.

Applicants with the highest ratings  are selected as Finalists and the Finalists must be able to attend the Event that they have applied for, where they will compete to become Awardees. At the Event, each Finalist competes by presenting a three-minute "elevator pitch" of their business, their qualifications, and how they would benefit from the Program. The "Elevator Pitch" is given in front of a live audience and a panel of qualified judges selected by Count Me In. The judges, with input from the audience vote, will select the Finalists that should be named as Award Recipients. 

You cannot win unless you apply. The online application deadline for the 2010 competition and event date are below so log on and apply!

Make Mine a Million $ Business Competition Timetable and Deadlines

EVENT LOCATION	EVENT DATE	APPLICATION DEADLINE
Houston, Texas - NATIONAL	Feb. 17-18, 2010	Jan. 15, 2010

Small Businesses Turn to Goldman

If you are a small business owner that is excited about jumping on Goldman's bandwagon and bagging a few millions for your business during these tough times, just hold your horses! A good chunk of the money is going to educational institutions for training purposes. However, some of the funds will be funneled to small businesses through community lending channels. 

Your best bet is to contact your local SBA office to determine the rules for applying for the funding and for guidance on how you may qualify for funding. We will post information on this blog as we learn more so please sign up to follow the blog. Read more below.


WSJ Small Business 

November 19, 2009 

By Mike Spector

When Jay Richardson heard that Goldman Sachs Group Inc. and Warren Buffett were teaming to funnel millions to small businesses, he started making phone calls to see how he could get his share.

Mr. Richardson, 49 years old, runs Master Model Craft Inc., a 24-employee company in Bristol, Tenn., that makes tools for manufacturers, including conveyor belts and robots.

Sales are down 30% from last year's $2.3 million clip. That has left him stretched for cash to get the new specialized saw and testing equipment he needs to expand and avoid further layoffs. "Just a little bit of stimulus would help us," he said.

Mike Belleme for the Wall Street Journal

  Tennessee businessowner Jay Richardson, at his office Wednesday, says a Goldman loan 'would help us.' 

The reality is that none will receive a check from Goldman Sachs. Rather, Goldman will spend $200 million on education and training programs, while funneling $300 million to so-called community-development financial institutions, which largely serve historically disadvantaged communities that have had trouble accessing capital.

Read more: http://online.wsj.com/article/SB10001424052748704533904574544202372453482.html?mod=googlenews_wsj

Geithner: 'The credit crunch is not over'

Small businesses took center stage as Washington power players convened to tackle the growing crisis in lending.

By Catherine Clifford, CNNMoney.com staff reporter

November 18, 2009: 9:51 PM ET

Photos

SOS: Send loans now 

With bank lending to small businesses nearly frozen, these 8 entrepreneurs are among the thousands fighting for the credit lines and loans they need to keep their companies alive.

WASHINGTON (CNNMoney.com) -- One day after Goldman Sachs' CEO apologized for his bank's role in the financial meltdown, Treasury Secretary Tim Geithner called on the nation's financiers to step up and do more to fix the damage they helped cause.

"This credit crunch is not over," Geithner at a small business financing forum in Washington hosted by the Treasury. "It may feel dramatically better for large companies, but it is not over for small businesses across the country."

The nation's banking system was stabilized with taxpayer dollars, and Geithner said he holds the biggest banks accountable for passing the torch from Wall Street to Main Street.

"Banks bear some responsibility for the extent of the damage caused by the crisis," he said. "And they carry a substantial obligation to help our communities get back on their feet."

Geithner and an assortment of top Washington officials, including Small Business Administrator Karen Mills, met Wednesday with a gathering of bankers and small business owners to address the credit crunch that has plagued small business owners for more than a year. Frozen out by banks unwilling to make risky lending bets on startups and small companies, the nation's 6 million small employers are struggling.

"In my home state of Virginia, we have long-term, successful retailers who are not going to be able to hire up for the holiday season," said Senator Mark Warner, D-Va. "Small businesses have hung on as long as they can and are basically at the end of their rope."

Read more: http://money.cnn.com/2009/11/18/smallbusiness/small_business_geithner_sba_financing_forum/index.htm

Goldman Sachs teams with Warren Buffett on $500 million effort to help small businesses

Date: Tuesday November 17, 2009, 10:57 pm EST
By: Associated Press
Source: http://finance.yahoo.com/news/

NEW YORK (AP) -- Goldman Sachs Group Inc. is teaming with billionaire investor Warren Buffett to invest $500 million to provide thousands of small business owners across America with college scholarships and boost their access to capital.

AP - FILE - In this March 27, 2009, file photo, Goldman Sachs Chief Executive Officer Lloyd Blankfein leaves the ...

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Symbol	Price	Change
GS	176.60	-0.65

The move comes as the company has been criticized for setting aside billions for employee paychecks despite the continuing weak economy.

Goldman's philanthropic effort, called "10,000 Small Businesses," includes a $200 million contribution to community colleges, universities and other institutions to give grants to small business owners to further their education.

The New York-based bank also will invest $300 million through a combination of lending and charitable support. Goldman said the money will be funneled through community development financial institutions to boost lending and technical assistance available to small businesses in underserved communities.

In addition, Goldman Sachs executives, in partnership with national and local business organizations, will aid small businesses with advice, technical assistance and professional networking opportunities.

An advisory council co-chaired by Goldman Sachs CEO Lloyd Blankfein will oversee the program. Legendary investor and Goldman's largest shareholder, Warren Buffett, and Harvard Business School Professor Michael Porter will serve as co-chairs as well.

Read more:  http://finance.yahoo.com/news/Goldman-Sachs-Buffett-to-help-apf-4204096467.html?x=0&sec=topStories&pos=1&asset=&ccode=