Funds Will Support Summer Internship

Santa Barbara, CA April 16, 2009 –Women’s Economic Ventures will get some valuable help collecting information about clients’ needs, experiences and accomplishments thanks to a grant from the Citi Foundation to hire a summer intern.  Recruitment of a graduate student for the internship will begin immediately.

Selected through a competitive process, Women’s Economic Ventures will join 14 other programs nationwide in the Citi Aspen Intern Program, an initiative that is expected to result in one of the largest national data sets on microenterprise owners, while also introducing college students to potential career opportunities in the microenterprise field.

Microenterprises are defined as very small businesses capitalized with $35,000 or less and employing five or fewer people.

“Women’s Economic Ventures is part of a select group of programs nationally that have been chosen for this award from the Citi Foundation,” said Tamra Thetford, who will manage the project at FIELD.  “The data collected on clients not only will help drive program performance, it will contribute to an important national database on microentrepreneurs.”

Interns in the 12-week program will receive $7,000 stipends funded by the Citi Foundation, and data-collection training provided by FIELD, the microenterprise Fund for Innovation, Effectiveness, Learning and Dissemination, a research project housed at the Aspen Institute in Washington D.C.  FIELD has been funded by the Foundation to manage the program.  The interns will travel to Washington D.C. twice; in June to receive training and at the end of the summer to review their findings and experiences.

“Women’s Economic Ventures has been the grateful recipient of a variety of grants and sponsorships from Citi and the Citi Foundation since 2002,” said Marsha Bailey, Executive Director, Women’s Economic Ventures.  “We are thrilled to continue our relationship with these outstanding organizations as we work together to meet our goals of providing our community with financial education and small business and economic development and job creation.” 

The Citi Aspen Intern Program grew out of recognition that many nonprofits providing help to small businesses in their community do not have the capacity to collect data that can then be used to improve or add services, fund-raise or advocate for entrepreneurship.

About Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where it works throughout the world.  Globally, it focuses its giving on microfinance and micro-entrepreneurship, which helps individuals become economically self-sufficient; small and growing businesses leading to economic expansion and job creation; education, which prepares young people for personal and professional success; financial education, which helps individuals make informed financial decisions; and the environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. 

About Women’s Economic Ventures (WEV)
WEV is dedicated to creating an equitable and just society through the economic empowerment of women across the globe.  Since 1991, WEV has been providing self-employment training, technical assistance and microloans to primarily low-income women. Today, WEV offers a continuum of programs for women at every stage of the business lifecycle to help startup, launch, grow, and sustain a business. Services include comprehensive self-employment training program, advanced training, business counseling, coaching, and networking opportunities. WEV’s service area has grown to include north and south Santa Barbara County and Ventura County with offices in Santa Barbara and Oxnard. WEV’s Small Business Loan Fund provides start-up and expansion loans to pre-bankable microenterprises.  WEV was designated a Community Development Financial Institution (CDFI) in 1999 by the U.S. Department of the Treasury.  In 2005, the Small Business Administration recognized WEV as the most productive Women’s Business Center in the nation. For more information please call 805-965-6073 or visit www.wevonline.org.