Three women were honored Thursday with the "Trailblazers Award" from the Women's Business Center. At the same time, it was announced that more women will get the chance to experience entrepreneurship thanks to a $165,000 combination loan and grant from Citibank.
At a luncheon at Blackbeard's Castle to honor Latifah Chinnery-Nadir, Sandra Davis and Gertrude Prior, St. Croix Foundation Director Roger Dewey told the assembled group about the Citibank Micro-Loan Program "targeted to the advancement of women." The St. Croix Foundation has partnered with the Women's Business Center to develop this and other programs.
This was the second year the award was given.
Earlier in the week Dewey said he hoped the loans, which range from $500 to $5,000, might go to help some women coming off welfare to start their own businesses.
Of the $165,000, $50,000 will go to women on St. Thomas and St. John, $50,000 to St. Croix women and $50,000 to community loans for small business development to help businesses that don't qualify for regular commercial financing. The $15,000 balance will be held as a loan-loss reserve, Dewey said.
Next year, "we hope to recognize one of those women who started with this program."
Chinnery-Nadir is the owner of Education Station, which, she said, is celebrating its 13th year in business in May.
"When I went to Lionel Baptiste at SBA for a loan he said, 'You're talking about low-margin merchandise. Are you sure you can make it fly?' I said, 'Sure, at least I have to try.'"
Davis, owner of Grandma Sandy's Cookies in Royal Dane Mall, said she first got the idea for opening the dessert café while looking for a place to buy a cookie for her granddaughters, Jaleyah and Jalessa. That need grew into a family-oriented café where cakes, cookies and lunch specials are available.
Prior, general manager and president of Coral World Marine Park and Observatory, said she couldn't have done it without her husband, Cornelius Prior. "He should be here today," she said, thanking the group and adding, ""I don't know if it's the time or the place, but I've never seen so many talented women who have the courage to go into business on their own. The Virgin Islands is wonderful in that way."
Citibank has loaned the foundation $100,000 at 5 percent interest. The remaining $65,000 was given as a direct grant.
Yvette DeLaubanque, director of the Women's Business Center, said the money will be loaned out at 8.5 percent interest, giving the center a chance to make a little money on the program to pay some of the administrative costs.
Another surprise announced Thursday by Rupert Ross III, technical coordinator for the center, was the development of a non-commercial Web site, www.wbcemart.org, where arts and crafts created by local artists can be "exhibited to the world," Ross said. The cost to display is $30 per year and entitles the artisan to place three pieces of work on the site. Though commerce cannot be conducted through the site, Ross said contact information for the artists is provided.
More information about the Women's Business Center and its upcoming Economic Development Conference can be obtained at the center's Web site at wbcvi.org.
