October 25, 2005 10:01 AM US Eastern Timezone

'Make Mine a $Million Business'(TM) Program Aims to Propel New York City Area Women-Owned Businesses Past the Million-Dollar Barrier

NEW YORK--(BUSINESS WIRE)--Oct. 25, 2005--

In a Recent OPEN from American Express(SM) Survey, Women Small Business Owners in the New York City Metropolitan Area Say They Expect Their Business to Grow During the Next Six Months

Sixty-eight percent of women small business owners in the New York area are optimistic about their company's growth prospects over the next six months, according to the recent OPEN from American Express(SM) 2005 Small Business Monitor. Yet, many women-owned businesses lack access to mentoring, money and marketing resources needed to fuel growth and become million-dollar businesses.

To develop those resources, Count-Me-In for Women's Economic Independence, a not-for-profit organization dedicated to increasing women's access to credit and capital, has teamed with OPEN, the small business team at American Express, to launch the Make Mine a $Million Business program. The pilot program awards women in the New York City metropolitan area, the Northeast region and across the country with critical resources to help them build million-dollar enterprises within two years. November 18 is the deadline for entries at www.countmein.org.

To be eligible for the program - which delivers a combination of loans and business mentoring to awardees - candidate businesses must be woman-owned and have been operational during the previous two years. A panel of successful local entrepreneurs will field business pitches from ten regional finalists during an event on December 2nd at the American Express Auditorium at Manhattan's World Financial Center. Award recipients will be announced at the conclusion of the event.

The December 2nd event will help all women business owners gain knowledge about growing their business, increasing their company's exposure and more. The all day event provides opportunities to be part of keynote addresses and panel discussions from leading businesswomen, coaches, advisors and financial experts. Advanced reservation for the event is required, the cost of admission is $45 for attendees. For event registration call 212-786-6187 or visit www.countmein.org.

"This program is creating a clear pathway for women to grow from micro- to million-dollar enterprises," said Nell Merlino, president, Count Me In. "In less than a year, Brooklyn's Beatriz Ramos has grown her business 13%, turned a solid profit and opened a second office in her native Venezuela."

Business owner Beatriz Ramos of DUMBO graphic design firm Dancing Diablo Studios was one of a small group of tri-state area women business owners who provided the inspiration behind the Make Mine a $Million Business program.

Women Business Owners Outlook

According to the OPEN survey, four in ten (44%) New York City-area women business owners say they face barriers in securing the financing they need to grow their businesses. Of that group, respondents cite size of the business as the greatest barrier (11%); 10% cite high interest rates, 9% cite overwhelming paperwork requirements and 8% cite a low credit score as key barriers. One in ten (10%) women business owners in the New York area report having been denied a loan or line of credit.

"Surprisingly, just three percent of women-owned companies are million-dollar enterprises, compared to seven percent of all men-owned companies,"* said Susan Sobbott, president, OPEN from American Express. "The Make Mine a $Million Business program is designed to help women substantially accelerate their growth and provide entrepreneurs with not just the money, but also the mentors and contacts who will guide them, encourage them and help them thrive."

Make Mine a $Million Business Brings Together Money, Mentoring and Marketing

Nearly six in ten (56%) of women entrepreneurs in the New York City area would like to develop financial management skills in order to manage their businesses. The Make Mine a $Million Business program offers a combination of one-on-one business coaching, networking opportunities and loans to awardees. A "Dream Team" of business advisors will help each awardee craft a specific plan for growth, and will mentor the award recipients on issues ranging from operations to marketing to financing.

"Make Mine a $Million Business has made a very positive impact on my business," said Dancing Diablo's Beatriz Ramos. "With the assistance of my business coach from the program, I've developed new business skills that helped my firm grow beyond my own expectations."

This national pilot program rolled out this year in four other markets - Dallas, Chicago, Long Beach and Atlanta. Fifteen of the country's most promising women business owners have earned an OPEN from American Express Make Mine a $Million Business Award, which includes a business loan of up to $45,000 from Count-Me-In and the year of focused business mentoring. Nine runners-up have earned loans of up to $20,000.

About Count-Me-In

Count Me In for Women's Economic Independence designed, produces and administers the new Make Mine a $Million Business (TM) program. A nonprofit 501(c)3 organization, Count Me In champions women's entrepreneurship and economic independence. Dedicated to increasing access to credit and capital, the organization provides online nationwide access to micro business loans, business consultation and education to women who have been turned down by the system. We are changing the way women do business! For more information, visit www.countmein.org.

About OPEN from American Express

OPEN is the American Express team dedicated exclusively to the success of small business owners and their companies. The OPEN Team supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN(SM), visit OPEN.americanexpress.com/, or call 1-800-NOW-OPEN to apply for a card or loan. Terms and conditions apply.

American Express Company (www.americanexpress.com) is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, business services and international banking.

Survey Methodology

The OPEN Small Business Monitor is based on a nationally representative sample of 626 small business owners/managers of companies with fewer than 100 employees. Additionally, 202 women small business owners/managers in the New York area participated in this survey. The survey was conducted via telephone by International Communications Research (ICR) from August 8-August 19, 2005. The poll has a margin of error of +/-3.9%.

* Source: Center for Women's Business Research using Bureau of the Census data, 2004.

**Editor's Note: Additional survey data is available by request which captures New York area women business owners' outlook on:

-- Growth prospects

-- Hiring plans

-- Attitudes on rising energy costs

-- Capital investments for growth

-- Healthcare coverage for employees