For immediate release

The Federal Reserve announced today the production of a videotape designed to heighten awareness among lenders about the business opportunities available to them in lending to businesses owned by women. Businesses owned by women represent one of the fastest growing sectors of the nation's economy. Between 1987 and 1996, the number of women-owned businesses grew 78% nationwide, outpacing overall business growth by nearly 2 to 1. Through testimonials, the videotape entitled, To Their Credit: Women-Owned Businesses, features successful women business owners describing their experiences in obtaining bank credit. To potential entrepreneurs, the tape stresses the need for future commercial borrowers to build a relationship with the lender and to have a comprehensive business plan prepared prior to approaching a lender. To potential lenders, the tape focuses on the profitability this fast-growing segment of the economy offers financial institutions. During the 30-minute program, future women entrepreneurs should recognize the many informational resources available to help them including: Women's Business Development Centers Small Business Administration Women's Business Centers Federal Reserve Bank's Community Affairs Offices The videotape is available through FVS Media for a nominal fee. The telephone number is 800-555-5471. The Federal Reserve Bank of Chicago and the Women's Business Development Center also produced a publication that covers access to credit issues. The publication, Access to Credit: A Guide for Lenders and Women Owners of Small Businesses, can be obtained by contacting the Federal Reserve Bank of Chicago's Public Affairs Office at 312-322-5111. For more information regarding the video contact the Community Affairs Offices at your local Federal Reserve Bank.

1998 Other announcements