Banking on It - April 2003

Silver State Bank Establishes

Women’s Business Group

According to the Center for Women’s Business Research, in 2002 there were an estimated 45,935 majority-owned, privately-held women-owned firms in Nevada, accounting for 29 percent of all privately-held firms in the state. Women-owned firms in Nevada employ nearly 78,000 people and generate nearly $13.1 billion in sales. Between 1997 and 2002, the Center estimates the number of women-owned firms in Nevada increased by 38 percent, employment grew by 58 percent, and sales increased by 120 percent.

The numbers don’t lie. Women-owned businesses are booming in Nevada.

One challenge faced by women business owners and potential owners is obtaining financing to get started. Several women business owners have reported utilizing credit cards to get started because banks didn’t take them seriously and their loan applications were constantly being turned down.

In response to the issues and concerns of women business owners, Henderson-based Silver State Bank, one of the leading SBA lenders in Nevada, recently embarked on a mission to better meet the needs of women in starting and running a successful company. In November 2002, the bank launched its Women’s Business Group, formed to help women business owners and executives with all their financial needs, including credit lines and SBA loans, as well as everyday accounts for personal use.

"We are excited to offer the Women’s Business Group to our existing customers and potential customers," said Silver State Bank Chairman and CEO Tod Little. "We have always been customer oriented and felt there was a need to reach out to women and their banking needs."

The bank has since set aside $20 million for support of women-owned businesses. Its Women’s Business Group is comprised of three commercial loan officers: Shannon Cook, Ann Fox and Gina Gentleman, who combined bring more than 50 years of banking experience to the newly formed organization.

The group is envisioned to act as a resource, not only for business owners, but also for women concerned about investments or personal finances. In 80 percent of U.S. households, women have become the sole decision maker or an equal influencer when it comes to finances. Nine out of 10 women will be responsible for household finances at some point in their lives. In conjunction with the growth of females in the workforce and as heads of households, the overall base of women who are financial decision makers continues to grow. The Women’s Business Group will offer a place where women can come and talk to women about their financial needs. The group is committed to educating its customers and providing a network of referrals and resources on issues including investing, estate planning, retirement planning and insurance products.

On the banking side, the Silver State Women’s Business Group will serve as an information source to women business owners with monthly events and educational resources. In addition, it is committed to offering its customers timely information on issues surrounding owning a business.

"Research tells us that when women make decisions their priorities lie in reputation, referrals and peer testimonials," Little said. "We hope our group and network will bring women together to help make better business and life decisions."