The Stamford-based Women”™s Business Development Council ”” with additional offices in Shelton, Danbury, Hartford and Waterbury ”” is now a microlender.
- Fran Pastore, president/CEO/founder, WBDC, left, and Jill Hummel, president, Anthem Blue Cross and Blue Shield of Connecticut, who took home the WBDC Impact Award. Photo by Bill Fallon
Fran Pastore, WBDC founder, president and CEO, made the announcement at the WBDC”™s 14th annual Business Breakfast today at the Stamford Hilton.
She told the crowd of 650 the WBDC won the seal of approval from the U.S. Treasury Department and was now empowered to raise capital and lend it out in increments under $100,000.
The applause had barely faded when United Bank Vice President Maureen Hanley-Bellitto, based in the bank’s recently opened Westport office, said United Bank was immediately funding the effort with $100,000.
Pastore then urged attendees to use their phones as the WBDC debuted a text-to-contribute number ”” 203-446-2266 ”” and the account quickly picked up $49,000 from the room.
Over the past year, the WBDC reported its clients have launched or expanded 395 new businesses and maintained or added close to 900 jobs in the state, resulting in $5 million in additional tax revenue to Connecticut”™s economy.
The microlending movement, which won microloan banker Muhammad Yunus the Nobel Peace Prize in 2006, can be a boon for women entrepreneurs. Among the data to surface at the breakfast, less than 1 percent of venture capital money finds women entrepreneurs.
The microlending news came as part of a larger awards-themed WCBJÂ program. There will be full coverage in the Nov. 2 FCBJ.
