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St. Louis News Today

Sunday, April 14, 2002

St. Louis Gateway Series Sets Agenda
for 'Women in Entrepreneurship'
ST. LOUIS, (SLFP.com), April 11, 2002 - The 15th annual research conference, "Gateway Series for Entrepreneurship," April 18 - 20, at Saint Louis University, will explore the theme "Women as Entrepreneurs".

Guest speakers include: Dr. Sharon Hadary, executive director of the Center for Women's Business Research, and Dr. Dorothy Perrin Moore, distinguished professor of Entrepreneurship at The Citadel in South Carolina.

Previously an owner and operator of a small business, Dr. Moore's latest book, Careerpreneurs, Lessons from Leading Women Entrepreneurs on Building a Career Without Boundaries, is the First Place Winner in the Business Category in Foreward Magazine's Annual Bood Awards and has been nominated for The Academy of Management Terry Book Award.

The event is sponsored by The Coleman Foundation and the Center for Womens' Business Research. For more information, contact the Jefferson Smurfit Center for Entrepreneurial Studies at 977-3850.

Bank Loans Difficult to Secure,
Say Women Business Owners
ST. LOUIS, (SLFP.com), April 11, 2002 - In today's struggling economy, established female small business owners perceive domestic banks as less willing to grant them loans compared to men, and are increasingly turning to personal credit sources to obtain credit for their businesses.

Acccording to a recent survey of 900 U.S based small businesses, conducted by NFO WorldGroup's Financial Services group 39-percent of female business owners perceive banks as less willing to lend them money over the last six months. This compares to 22-percent of male owners during the same timeframe who perceive banks as less willing to lend them money. The study was conducted between October 2001 and March 2002.

"Twice as many women than men have reported difficulty in obtaining credit in the past six months," states Maria Erickson, executive vice president, NFO Financial Services. "As a result, an alarming one-third of these women are turning to credit cards or personal loans as a solution for meeting their credit needs more easily, and in some cases, less expensively. The results of this study indicate that many successful women small business owners do not feel confident that the banking industry is interested in supporting their needs."

Erickson continues, "Over the past two years, fewer owners - either male or female - are using personal assets to secure business loans or credit lines, but more are using personal credit cards to finance their businesses. This study found nearly as many male owners using personal credit sources for their business - but due to favorable rates, not due to difficulty securing credit."

Women's top criteria when securing funds is the provider's willingness to work with them (22-percent), followed by their personal relationship with the lender (20-percent). Only 13-percent of women see price as the primary consideration, but it tops the list for men, with over 31-percent citing it the most important criteria.

NOTE: Small Business Week will be held, May 6 - 9, at various locations throughout St. Louis. The week-long event will feature workshops and opportunities for small businesses to network and learn about ways to grow their business. For more information, see www.smallbusinessweekstl.org for details.

St. Louis Students Influence Parent's Buying
ST. LOUIS, (SLFP.com), April 11, 2002 - April is Financial Literacy for Youth Month and with consumer confidence among adults at a seven month high, St. Louis teens have plenty to say about what gets purchased in a slowly recovering U.S. economy. The students were part of a nationwide poll of teens which reported that two out of three students say they influence their parents' buying decisions. Girls believe they have more influence on their parents, with 70.2 percent saying so.

At the same time, students are now less likely to be stockowners than in previous years. Annual survey results from the previous two Junior Achievement Interprise Polls on Personal Finance indicated that nearly 25 percent of all teens owned stock. This year, the number is 20 percent.

Differences from previous years' results also surface in other areas. Last year, 87 percent of teens said taxes were too high. Now, 70 percent of teens say taxes are still too high - in spite of the federal income tax cut put into effect last summer.

Teens have a reason to care, too. One out of two students say they have a job during the school year. That compares to nearly 44 percent of students who say they receive an allowance. Slightly more than one-third of teens receive between $40-80 per month in allowance; another 19.8 percent receive more than $80 per month.

Students want to spend their money, too. When asked if they would rather go on a family outing or shop at the mall, nearly six out of 10 students say they would rather shop. Among girls, the figure is even higher. Nearly 70 percent of girls would rather go shopping at the mall than go on a family outing or on a hike, compared to only 47.7 percent of boys.

For the most part, students don't seem to be using a credit card to spend. Only one in 10 students say they have their own credit card, but the answer varied based on location. For example, nearly one in four students in San Antonio say they have their own credit card, followed by nearly one in five students in Baltimore and Columbia, S.C. Students in Wisconsin were the least likely among the sample population to say they have their own credit card - with only one out of 20 of them saying so.

Student views of their long-term economic future may reveal some uncertainty, according to survey results. When asked if they believed Social Security would be around in its current form, 57 percent of teens said "no."

The 2002 JA Interprise Poll(TM) on Personal Finance was conducted in October 2001 by Junior Achievement in the classrooms of Atlanta, Baltimore, Columbia, S.C., Detroit, Kingsport, Tenn., Ft. Wayne, Ind., Lancaster, Pa., Midland, Mich., Reading, Pa., San Antonio, San Diego, St. Louis, Stamford, Conn., and Wisconsin.

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