More women opening own businesses

| Saturday, August 30, 2003

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SIOUX FALLS (AP) — More women are going into business in South Dakota, but the state still ranks near the bottom when compared to other states, a women's group says.

The number of women-owned businesses in the state grew 16 percent from 1997 to 2002, according to the Center for Women's Business Research. That ranked South Dakota 20th in growth.

But South Dakota ranked 47th for the number of women-owned businesses in 2002, figures showed. The center has reported that nearly half of all privately held U.S. businesses are owned by women.

The number of small business loans issued to women through the Small Business Administration has increased this year in Sioux Falls. The SBA had issued 45 loans totaling $7.5 million to women in Sioux Falls, or 24 percent of all loans made, through mid-August, said Nancy Gilbertson, SBA district director in Sioux Falls.

The SBA total for all of 2002 was 40 loans issued to women in South Dakota.

"There just seem to be more women interested in starting their own businesses, and they're taking out loans, which is a good sign," Gilbertson said, adding that in the past, women have usually used credit cards.

She said more resources are available, including through the SBA and the Center for Women Business Institute at the University of Sioux Falls.

Candy Sarris of Sioux Falls said she had to talk with seven lenders before she could get money to start Holey Bagels and Heavenly Bakery in the late ‘90s.

"That was the most difficult roadblock, was trying to find somebody who would back me and give me a loan," she said.

Bernard Schramm, business advisor with the Center for Women Business Institute, said women have made gains in owning businesses. He did say that sometimes the banking industry can be a "good old boys network."

Sarris said she noticed that.

"To me it was very prejudiced," she said. "I had two male bankers tell me I was too good looking and I should be doing something else."

Gilbertson said bankers are working with more women these days on loans. And she said more women are becoming bankers.