2015
Annual Report
In
GROW empowers women entrepreneurs to launch, advance, and sustain their business. By 2017, GROW will be the champion of equitable and inclusive economic growth for women entrepreneurs in West Michigan.
nclusive Relational all of our clients as well as with the goals of our strategic plan. This enables me to focus on developing the external relationships and community collaborations that have become so vital to GROW's work over the past several years.
Growth in Programs
If I could choose just one word to describe 2015 at GROW, I would choose growth. It’s an appropriate choice, of course, given our organization’s name, but this past year was indeed a time of tremendous growth and change for us. It was also the first year of our three-year strategic plan, which is helping us to achieve our long-term organizational vision: to be the champion of equitable and inclusive economic growth for women entrepreneurs in West Michigan.
Hereʼs a snapshot of some of the good things that happened as we embarked on that strategic plan in 2015:
Growth in Staff
Perhaps the most notable change at GROW in 2015 was the addition of several new staff members: Trevor Sisk, financial administrator; Mary C. Hartfield, program manager; and Shelly LeMahieu Dunn, volunteer manager. The position filled by Shelly is newly created, designed to engage community members to provide the mentoring and expertise needed to help GROW's clients succeed. With these additions to our already excellent staff, we now have an amazing level of expertise that will enable us to provide top-notch business services for area entrepreneurs, whether they are just starting out or have been in business for several years. The entire staff has been focused on helping GROW expand its reach in West Michigan and ensuring that our programming is aligned with the needs of
In 2015, GROW’s programs reached a wide audience. We served over 585 new clients, and we provided over 1600 hours of educational training, along with over 400 hours of free one-on-one business counseling. We also worked to enhance our training programs to ensure that we are effectively meeting the needs of all business owners in West Michigan, including those who have been traditionally underserved. New programs in 2015 included a pitch competition called InnovateHer West Michigan, held in partnership with the Small Business Administration (SBA), as well as our GROW Connects series, which features in-depth discussion of topics ranging from search engine optimization to franchising. GROW’s new program manager, Mary C. Hartfield, arrived in September and has been conducting a thorough review of all of our classes, including the popular Growth and Planning Series (GPS), to ensure that class objectives and outcomes are well aligned with client needs.
Growth in Lending
GROW’s microloan program continues to help small businesses in West Michigan thrive. In 2015, GROW loaned over $400,000 to small businesses ranging from a yoga studio to a trucking company to a fitness center. Of these businesses, nearly 75 percent are owned by women or minorities, and more than 85 percent are owned by low-to-moderate income individuals. Collectively, the businesses that received loans from GROW in 2015 have been responsible for creating 28 new jobs in West Michigan. And since 2012, when the microloan program began, GROW has loaned more than $1.1 million, helping small businesses—and the
West Michigan economy—to thrive. But GROW’s microloan program is about far more than these numbers. It’s about equipping these business owners with the resources they need to grow and sustain their businesses. All microloan recipients are regularly in touch with GROW staff and have access to classes, mentors, and other tools to help them and their businesses flourish. In fact, we were told recently by one of our borrowers who had received mentoring through our Business Wellness Check-Up program, “I feel I now have everything I need to succeed under one roof!” Of course, none of this growth is notable unless the end result is that more women in West Michigan are empowered to achieve their entrepreneurship goals and become successful business owners. GROW’s unwavering commitment to help women succeed is what motivates our work every day. You’ll read stories of two of these inspiring women—Mira and Michele—inside. We are honored to be working with them—and with so many others—on their entrepreneurial journeys.
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In 2015, GROWʼs programs reached a wide audience. We served 585 new clients, and we provided over 1600 hours of educational training, along with over 400 hours of free one-on-one business counseling.
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I hope that you will consider partnering with us as we move forward with our mission to empower women entrepreneurs like Mira and Michele to launch, advance, and sustain their businesses. When you partner with us—as a volunteer or as a donor—you are helping the women entrepreneurs of West Michigan to succeed! On behalf of them, we thank you.
CEO
Confident
2
Success Michele Venegas
Mira Krishnan
Joyful Sounds Music Studio
preQuelist
"If you have a dream, don't stop dreaming it." These are the words of Michele Venegas, owner of Joyful Sounds Music Studio, which runs an early childhood music and movement program for families with children, called Music Together.
It was several years ago that Mira Krishnan met Bonnie Nawara, GROW CEO, at a community event. At the time, Mira had no intention of becoming an entrepreneur, but GROW remained at the back of her mind. As Mira and her business partner began piecing together their business idea last year, they knew GROW would be a great service as they faced the challenges of being women entrepreneurs. Mira’s business is called preQuelist, which is "an early-stage start-up building mobile learning games for preschoolers. It offers a new kind of immersive learning and nurturing environment to children.” One of the goals of preQuelist is to support child empowerment, providing new ways for parents and children to connect and learn together. GROW provided Mira with various training classes such as Start Smart, along with free business counseling. Mira stated that one of the most beneficial resources she received from turning to GROW was "the concrete education that helped us frame preQuelist—tools like the Business Model Canvas, business plan templates, and so on.” The resources GROW provided have equipped Mira to improve her networking and better leverage her existing connections.
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Women belong in entrepreneurship. Itʼs in our DNA—thereʼs a reason they say necessity is the mother of invention.
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For Mira, the end-to-end nature of being an entrepreneur is both the biggest challenge and the most enjoyable part of being a business owner. She loved beginning with only an idea and developing it into what is now preQuelist. “Women belong in entrepreneurship,” she said. “It’s in our DNA—there’s a reason they say necessity is the mother of invention.” Thanks to the support and resources GROW offers, Mira now has the confidence and tools to pursue her entrepreneurial dreams.
Michele began teaching music classes on her own, but as time went on, she needed to hire others to teach as well, and before long it had developed into a small business. She sought out GROW for help and support in figuring out the "how" of business ownership. Through training classes, GROW was able to provide Michele with the knowledge she needed to organize her finances and develop a business-minded approach to her work.
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If you have a dream, don't stop dreaming it.
After working with the staff at GROW, Michele gained the confidence she needed as her business enters this stage of growth. Having the necessary information has allowed her to spend her days doing what she loves and what she is most passionate about—music. “It’s incredibly rewarding to see the impact our classes have on the children’s development,” she said. “It is truly an honor to be a positive part of their lives.” Michele did not give up on her dream; she had a vision and went after it. And GROW was there to empower her on that journey. She said, “I have to say how wonderful it is not only to have the support of experienced business owners, but to be supported by women who truly understand what it’s like to be a woman in business. The women I’ve worked with are genuinely helping, encouraging, challenging, and cheering me on.”
Stories
2015 Foundations
Donors
Bank of America Charitable Foundation Comerica Charitable Foundation Douglas and Maria DeVos Foundation Grand Rapids Community Foundation JP Morgan Chase Foundation ME Davenport Foundation Muskegon Community Foundation Sebastian Foundation Silverwing Foundation Wege Foundation
Individuals Aletha Goodale Amanda Merrill Angela Sanborn Angie Hanks Annamarie Buller Barbara DeMoor Barbara Mayo-Johnson Bari Johnson Betty Zylstra Bobbi Warren Bonnie Miller Bonnie Sawusch Brook Powers Carol Karr Carol Paine-McGovern Cheri Stanton Cheryl Edwards-Cannon Christa Carroll Christina Dugan Christine Lindeman Cris Hugmeyer Deborah Phillips
Debra Bailey Debra Bates Dee Dee Fuller Deidra McClelland Denise Sherwood Diane Knapp Dick Haslinger Don Antcliff Doris Drain Dorothy Burgess Earle Win Irwin Elizabeth Ziesmer Emily Green India Manns Irma Bucky Love Jack Keller Jamie Hills Jason Reep Joan Andrew Jori Bennett Judge Sara Smolenski Julie Lankes
Karen J. Clahassey Katharine B. Dernocoeur Kathy Crosby Kay Stazsel Kristin Swann Laurel Freshour Lisa Wurst Liz Bracken Lois and Lloyd Moseley Lori Baker Lori Burgess Lynn Heemstra Lynne Black Lynne E. Pope Marilyn Lankfer Marilyn Titche Marnie Johnson Mary C. Hartfield Mary Davis Mary Frey Mary Kay Shaver Meg Burtch
Meg Goebel Melinda Shull Melissa Seguin Nancy Boese Nancy McDonald Pamela Schuitema Paola Mendivil Patrick Lonergan Rebecca Dutcher Rene Houskamp Rhoda Kreuzer Sanda Matei Sue Rios Susan Cobb Susan Mason Susan Rankin Tara Anderson Valery Young Veronica Quintino-Aranda Vicky Weller William Franks
Volunteers Andrea Glenn Armando Herrera Becky Ajuonuma Bill Evans Bobbi Warren Brad White Christopher Acklin Debra Minton Elizabeth Burnson Elizabeth Delaney India Manns Jennifer Deamud Jill Huddleston Joanna Shaw Julie Lankes Kathy Crosby Kelly Hutchings
Kyla Bos Laurel Romanella Marla Huizing Mary Ann Cheney Melissa Birnie Michelle Born-Fischer Paula Kendra Rachel Hurd Raquel Salas Renard Johnson Rick Adamy Rose Coonen Sandy Harrier Sonali Allen Timeco Bolden Toresa Blakely Veronica Kirin
2015 Board of Directors President: Sanda Matei, Comerica Wealth Management Past President: Kay Staszel, KSM Group Vice President: Angie Hanks, Chemical Bank Vice President: Deborah Phillips, HR Collaborative Vice President: Rhoda Kreuzer, Partners in Action, Inc. Treasurer: Elizabeth Ziesmer, Rehmann Secretary: Marnie Johnson, Infusion Communications Group Bonnie Sawusch, Varnum Law Debra Bates, Choice Business Services, Inc. and Meme's Foundation Boutique Deidra McClelland, The Skye Group Denise Sherwood, Sandler Training Jack Keller, Lake Michigan Credit Union Jason Reep, The Employers' Association Mary Davis, Independent Consultant Meg Burtch, Meijer Paola Mendivil, El Granjero Mexican Grill Rebecca Dutcher, 834 Design and Marketing Veronica Quintino-Aranda, Family Futures William H. Franks, The Law Offices of William H. Franks, PLC
and Volunteers In Loving Memory
We honor the work and life of Ingrid Weaver, who was a friend of GROW and a champion for women in West Michigan.
Organizational Donors and Sponsors 834 Design and Marketing Amerikam Appletree Learning Centers, Inc. Applied Imaging Baker Holtz, CPAs and Advisors Bonnie Miller Chemical Bank Choice Business Services, Inc. Comerica Bank Deborah A. Phillips and Associates, LLC DeHoek and Company Eastern Floral Economic Club of Grand Rapids El Granjero Mexican Grill EverGreen Ministries Express Employment Professionals Fifth Third Bank First United Methodist Church Flagstar FlexChecks Freedom Creators, Inc. Gazelle Girl GE United Way Campaign Goodwill Industries
Grand Rapids Business Journal Grand River Bank Grand Valley State University Haworth Holistic Care Approach Hungerford Nichols Huntington National Bank ImLaw, PC Inclusive Performance Strategies Inforum Irwin Seating Company IT Resource, Inc. JNC Holdings, LLC JP Morgan Chase JW Marriott Grand Rapids Kentwood Office Furniture KMS Group, LLC Ladies Leads Group Languages International, Inc. Management Business Solutions Mercantile Bank of Michigan Mercy Health Merrill Lynch Michigan Women's Foundation
Micro Visions, Inc. Mixed Media Network for Good Old National Bank OnSite Wellness, LLC Partners in Action, Inc. PNC Bank Preferred Benefits Rehmann Schuil Coffee Co. Standale Interiors Start Garden State Farm Insurance Steelcase Sytsma Wealth Management The Skye Group United Bank of Michigan Varnum Law Walters Seed Company, LLC Welch Law Firm, PLC West 57th Design and Floral West Michigan CRA Association
Statement Of Financial Position Current Assets Cash: Operating Accounts Receivable Prepaid Expenses Grants Receivable Unconditional Promises to Give Microloan Notes Receivable
$ 213,480 $ 2,614 $ 6,471 $ 2,500 $ 2,298 $ 154,274
Total Current Assets
$ 381,637
Property and Equipment Office Equipment Less: Accumulated Depreciation
$ 24,742 $ 17,199
Total Property and Equipment
$ 7,543
Other Assets Cash: Restricted Long-Term Portion: Microloan Notes Receivable Rent Deposit
$ 526,243 $ 1,324
Total Other Assets
$ 906,816
Beneficial Interest in Endowment
$ 21,495
Total Assets
$ 1,317,491
$ 379,249
Current Liabilities Accounts Payable Accrued Wages, Benefits and Taxes Deferred Grant Revenue Current Portion of SBA Loans
$ 3,078 $10,208 $ 31,450 $ 93,997
Total Current Liabilities
$138,733
Long-Term Debt SBA Loans Payable
$ 668,959
Total Liabilities
$ 807,692
Net Assets Unrestricted Operating Board Designated Fixed Assets Total Unrestricted Net Assets Temporarily Restricted Permanently Restricted
$ 122,400 $ 7,543 $ 129,943 $ 369,907 $ 9,949
Total Net Assets
$ 509,799
Total Liabilities and Net Assets
$1,317,491
SAVE THE DATE –
Tuesday, October 4, 2016 JW Marriott, Grand Rapids
luncheon and awards ceremony celebrating West MichiganĘźs women entrepreneurs
25 Sheldon Boulevard SE, Suite 210, Grand Rapids, MI 49503 | www.growbusiness.org | 616.458.3404