[Kim Bode / 8ThirtyFour Integrated Communications' spotlight, participant in SBAM's Women’s Entrepreneurial Fellowship]
Chris Holman welcomes Lillian Werbin, CEO/Co-Owner, Elderly Instruments, East Lansing, MI.
This is the fourth of five interviews in a series.
There were several questions Chris wanted to find out from Lillian:
About Your Business
● Welcome back Lillian, remind the Michigan business community about your business?
● What is the importance of engaging and strengthening the community along with your business?
● How have your past experiences helped you grow your company?
Inaugural Women’s Entrepreneurial Fellowship
● How did you learn about the fellowship?
● How did you feel when you heard you were accepted?
Impact
● What are the biggest things you learned from the fellowship?
● How has being a part of the fellowship impacted you and your business?
● What would you say to women business owners who are considering applying for future cohorts?
Small Business Association of Michigan Foundation Announces Inaugural Women's Entrepreneurial Fellowship New Program Addresses Multiple Challenges for Second-Stage, Women-Owned Businesses
LANSING, Mich. – The SBAM Foundation (SBAMF), supported by its parent organization, the Small Business Association of Michigan, has launched its Women's Entrepreneurial Fellowship (WEF) program and chosen 11 businesses for the first cohort. The eight-month initiative will equip these second-stage, women-owned businesses with resources to overcome diverse challenges and scale their operations. Women-owned businesses are a vital part of Michigan's economy, representing 43.2% of the state's 902,131 small businesses—higher than the national average. Detroit, in particular, was ranked as the top U.S. metropolitan area for growth in women-owned businesses.
“The launch of the Women’s Entrepreneurial Fellowship is an exciting step toward ensuring that second-stage, women-owned businesses receive the targeted support they need to thrive, said Brian Calley, SBAM President & CEO. “This program will provide invaluable resources, from mentorship and business certifications to networking opportunities and access to capital, helping these entrepreneurs overcome the unique challenges they face.”
Qualifying businesses have more than one employee in addition to the owner, have been in operation for at least two years, and generate a minimum of $500,000 in annual revenue. Here are the businesses that were selected for the inaugural cohort: ● Eagle Specialties, LLC ● Elderly Instruments ● Fido & Stitch ● Groovy Donuts ● Jungle Jane Promotions ● Marshall Holding ● Neuco Furniture & Upholstery ● Pioneer Machine and Technology, Inc ● The Betty Brigade ● Winsome Travel Design ● Wolverine Pickleball
Recent data underscores the need for the support provided by this new program. Only 10% of women business owners report securing a small business loan, and women-owned businesses receive just 2.2% of all venture capital funding in the U.S. Operationally, 59% struggle with hiring and retaining qualified staff, while 80% face difficulties dealing with increased costs.
"Women-owned businesses in Michigan confront a multitude of challenges that hinder their growth potential," said Kim Bode, Program Director. "From financial constraints to operational difficulties, our fellowship is designed to address these issues comprehensively."
To address these issues, the Women's Entrepreneurial Fellowship offers:
● One-on-one mentorship with established business leaders
● Monthly learning sessions on critical business topics
● Networking opportunities with investors and industry leaders
● Guidance on accessing capital and growth resources
● Support in obtaining relevant business certifications
● Specialized courses on financial management, marketing, and operational efficiency
