This nonprofit also known as WISE has served more than 3,000 business owners -- mostly women -- since its inception in 1998. The loans create jobs, said Ellen Snook, the marketing director: In 2010 alone, WISE loan recipients were responsible for creating 4,000 jobs.
Unlike many microfinance companies, WISE puts all loan recipients through a mandatory 11-week training course before disbursing funds. ''They meet twice a week and there's homework. If they have not graduated from our program, they're not eligible to get a loan,'' said Snook.
In 2008, the organization disbursed 120 loans.
That intense training may be responsible for the success of WISE's ''graduates'': Most see a 50% increase in income; more than half become mentors to other women launching startups.
The small businesses that they help are many and varied. They include cleaning, daycare, food, restaurants, and catering,'' said Snook, ''but then we have a woman who has a mechanical bull rental company, and another graduate who has an accordion repair business. They have this dream or expertise and that's what they're focusing on.''
Los Angeles is just one of 10 most affordable cities for doing business, according to a study by PricewaterhouseCoopers and the Partnership for New York City. More
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