Economic recessions are undoubtedly turbulent times, but they can also be a time of transformation, particularly when it comes to careers. For women looking to make a change, the New Jersey Department of Community Affairs (DCA) Division on Women is offering an opportunity that could set them on the road to future professional success.

The New Jersey Women's Micro-Business Credit Program helps unemployed, underemployed and, now, military veteran women get funding and training to become entrepreneurs. Participants learn how to start, operate and market a small business. They are also eligible to get a loan of up to $5,000 to help launch their enterprise.

The Division on Women (DOW) developed this program alongside the New Jersey Redevelopment Authority, a DCA affiliate, in order to provide motivated women with little to no business experience a way to secure start-up capital and business skills, an opportunity they might be hardpressed to find anywhere else.

So far, women have risen to the challenge. Past participants have successfully started a towing business, juice bar, medical billing enterprise and an online retail operation selling secondhand designer handbags.

The Micro-Business Credit Program is now making a concerted effort to reach out to New Jersey's women military veterans, who numbered nearly 28,750 as of September 2008, according to the U.S. Department of Veterans Affairs. Many of these women are returning home from service abroad to find job insecurity, families facing financial hardship and murky futures.

This compounds the stress of re-entering civilian life after time spent in the defense of our country. The program can give these women veterans another option to consider and help them build financial momentum.

The DOW has teamed up with the Department of Military and Veterans Affairs New Jersey Commission on the Status of Women Veterans to get the word out about the program so women veterans know it exists.

As part of the initiative, women veterans are eligible for the startup loan at an amended interest rate of a half of a percent vs. the current 3 percent rate that is offered to all other program participants. The hope is the reduced interest rate will give women veterans who have thought about running their own business an added incentive to take advantage of the program.

Women, both veteran and non-veteran alike, who participate in the Micro-Business Credit Program will learn if they are ready to start a business, what type of legal entity the business should be, how to pay taxes for a business, and what financial records they need to keep. They will gain knowledge of how to develop business and marketing plans. Through the program, women will also receive guidance on finding and utilizing business mentors.

Forming relationships between women just getting started and more established women business owners is a key aspect of the micro-business strategy. Mentors not only serve as a role model, but they help with the ongoing transfer of skills and expand networks for women who are not in the business mainstream.

Another important part of the microbusiness approach is providing startup loans with favorable terms to aspiring entrepreneurs. The program's loans of up to $5,000 for businesses independently owned and operated by New Jersey women feature low interest rates and can be repaid over five years. The loan can be used for rent, utilities, inventory, supplies and furniture.

The DOW encourages all unemployed, underemployed and military veteran women who have ever thought about starting a business to seriously consider the New Jersey Women's Micro-Business Credit Program. For more information, contact the DOW at 609-292-8840 or visit the Internet website at www.nj.gov/dca/divisions/ dow/programs/njwmbcp.html.

Charles A. Richman
Acting Commissioner
Department of Community Affairs
Janice L. Kovach
Director
New Jersey Division of Women
Trenton