2015Annual Report

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.

Inclusive

InclusiveRelational

ConfidentCEO

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

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 ProgramsIn 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.

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.

”

“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.

Success Mira KrishnanpreQuelist

Michele VenegasJoyful Sounds Music Studio

Stories

If you have a dream, don't stop dreaming it.

”“Women belong in entrepreneurship.Itʼs in our DNA—thereʼs a reason they say necessity is the mother of invention.

"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.

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.

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 devel-opment,” 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 under-stand 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.”

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 entrepre-neurs.

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 educa-tion 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.

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.

”“

2015

Stories

2015

Volunteersand

Donors

Volunteers Andrea GlennArmando Herrera Becky Ajuonuma Bill EvansBobbi Warren Brad WhiteChristopher AcklinDebra Minton Elizabeth BurnsonElizabeth Delaney India MannsJennifer DeamudJill HuddlestonJoanna Shaw Julie Lankes Kathy CrosbyKelly Hutchings

2015 Board of Directors

President: Sanda Matei, Comerica Wealth Management Past President: Kay Staszel, KSM GroupVice President: Angie Hanks, Chemical Bank Vice President: Deborah Phillips, HR CollaborativeVice 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 BoutiqueDeidra 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

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.

Foundations

Bank of America Charitable FoundationComerica Charitable FoundationDouglas and Maria DeVos Foundation Grand Rapids Community Foundation JP Morgan Chase Foundation ME Davenport FoundationMuskegon Community FoundationSebastian Foundation Silverwing Foundation Wege Foundation

Kyla BosLaurel RomanellaMarla Huizing Mary Ann CheneyMelissa BirnieMichelle Born-FischerPaula KendraRachel Hurd Raquel SalasRenard Johnson Rick AdamyRose Coonen Sandy HarrierSonali AllenTimeco BoldenToresa BlakelyVeronica Kirin

Individuals

Aletha Goodale Amanda Merrill Angela SanbornAngie Hanks Annamarie Buller Barbara DeMoorBarbara Mayo-Johnson Bari JohnsonBetty Zylstra Bobbi Warren Bonnie MillerBonnie Sawusch Brook Powers Carol Karr Carol Paine-McGovern Cheri Stanton Cheryl Edwards-Cannon Christa Carroll Christina Dugan Christine Lindeman Cris HugmeyerDeborah Phillips

Debra BaileyDebra Bates Dee Dee FullerDeidra McClellandDenise SherwoodDiane KnappDick Haslinger Don Antcliff Doris Drain Dorothy Burgess Earle Win Irwin Elizabeth Ziesmer Emily GreenIndia Manns Irma Bucky Love Jack KellerJamie Hills Jason ReepJoan Andrew Jori BennettJudge Sara Smolenski Julie Lankes

Karen J. Clahassey Katharine B. Dernocoeur Kathy CrosbyKay Stazsel Kristin Swann Laurel Freshour Lisa Wurst Liz Bracken Lois and Lloyd Moseley Lori Baker Lori BurgessLynn Heemstra Lynne Black Lynne E. PopeMarilyn LankferMarilyn TitcheMarnie JohnsonMary C. HartfieldMary Davis Mary Frey Mary Kay Shaver Meg Burtch

Meg Goebel Melinda Shull Melissa Seguin Nancy Boese Nancy McDonald Pamela SchuitemaPaola MendivilPatrick Lonergan Rebecca DutcherRene Houskamp Rhoda KreuzerSanda Matei Sue RiosSusan Cobb Susan Mason Susan Rankin Tara Anderson Valery Young Veronica Quintino-Aranda Vicky Weller William Franks

Organizational Donors and Sponsors

834 Design and MarketingAmerikamAppletree Learning Centers, Inc.Applied ImagingBaker Holtz, CPAs and AdvisorsBonnie MillerChemical BankChoice Business Services, Inc.Comerica BankDeborah A. Phillips and Associates, LLCDeHoek and CompanyEastern FloralEconomic Club of Grand RapidsEl Granjero Mexican GrillEverGreen MinistriesExpress Employment ProfessionalsFifth Third BankFirst United Methodist ChurchFlagstarFlexChecksFreedom Creators, Inc.Gazelle GirlGE United Way CampaignGoodwill Industries

Grand Rapids Business JournalGrand River BankGrand Valley State UniversityHaworthHolistic Care ApproachHungerford NicholsHuntington National BankImLaw, PCInclusive Performance StrategiesInforumIrwin Seating CompanyIT Resource, Inc.JNC Holdings, LLCJP Morgan ChaseJW Marriott Grand RapidsKentwood Office FurnitureKMS Group, LLCLadies Leads GroupLanguages International, Inc.Management Business SolutionsMercantile Bank of MichiganMercy HealthMerrill LynchMichigan Women's Foundation

Micro Visions, Inc.Mixed MediaNetwork for GoodOld National BankOnSite Wellness, LLCPartners in Action, Inc.PNC BankPreferred BenefitsRehmannSchuil Coffee Co.Standale InteriorsStart GardenState Farm InsuranceSteelcaseSytsma Wealth ManagementThe Skye GroupUnited Bank of MichiganVarnum LawWalters Seed Company, LLCWelch Law Firm, PLCWest 57th Design and FloralWest Michigan CRA Association

Current Liabilities Accounts Payable $ 3,078 Accrued Wages, Benefits and Taxes $10,208 Deferred Grant Revenue $ 31,450 Current Portion of SBA Loans $ 93,997

Total Current Liabilities $138,733

Long-Term DebtSBA Loans Payable $ 668,959

Total Liabilities $ 807,692

Net Assets Unrestricted Operating $ 122,400 Board Designated - Fixed Assets $ 7,543 Total Unrestricted Net Assets $129,943 Temporarily Restricted $ 369,907 Permanently Restricted $ 9,949

Total Net Assets $ 509,799

Total Liabilities and Net Assets $1,317,491

Statement Of Financial Position

Current Assets

Cash: Operating $ 213,480 Accounts Receivable $ 2,614 Prepaid Expenses $ 6,471 Grants Receivable $ 2,500 Unconditional Promises to Give $ 2,298 Microloan Notes Receivable $ 154,274 Total Current Assets $ 381,637

Property and Equipment Office Equipment $ 24,742 Less: Accumulated Depreciation $ 17,199 Total Property and Equipment $ 7,543 Other Assets Cash: Restricted $ 379,249 Long-Term Portion: Microloan Notes Receivable $ 526,243 Rent Deposit $ 1,324 Total Other Assets $ 906,816

Beneficial Interest in Endowment $ 21,495 Total Assets $ 1,317,491

25 Sheldon Boulevard SE, Suite 210, Grand Rapids, MI 49503 | www.growbusiness.org | 616.458.3404

Tuesday, October 4, 2016

luncheon and awards ceremony celebrating West Michiganʼs women entrepreneurs

JW Marriott, Grand Rapids

SAVE THE DATE–