Women's Initiative - Microenterprise Development in New York City Economic Security At 21.3%, New York City’s poverty rate is about one and a half times the national rate. Nearly half of those living in poverty are in deep poverty, living at 50% of the poverty level. Since the recession began, poverty rates have increased the most among women. Poverty rates for women in New York City are 15% higher than the poverty rates for men (20% vs. 17%) and are the highest for African American women (22%) and Latinas (31%). Women’s Initiative graduates increase their income an average of $10,000 within 12 months after training.     Business Growth New York City has more businesses with 20 or fewer employees than any other city in the country. Yet this sector is growing more slowly on average in New York City than in the next largest 23 US metro areas. This suggests that the city is lagging behind the national trend of business growth through increasing business ownership rates among women, especially women of color and immigrants. Nationally, nearly all business growth in the past decades can be attributed to the increase in women-owned and immigrant-owned businesses. Women-owned firms are growing at twice the rate of all other businesses, and women of color are starting businesses at a much higher rate than all other business owners combined.     Job Creation The number of women creating their own jobs, and jobs for others, through business owernship in the U.S. is rapidly growing, especially among businesses owned by women of color. However; training, networking and mentoring opportunities for low-income women are limited in New York City's underserved neighborhoods and there is unequal access to capital. Women, especially women of color, face challenges in starting successful businesses. There is an opportunity to advance job creation in New York City through an investment in women and minority-owned business startup and growth.     Economic Development New York City’s highly disparate socio-economic classes perpetuate segregated boroughs and require strategies for economic development that maintain the unique character of neighborhoods, while keeping more money and jobs in the neighborhood. Civic economics studies have consistently shown that small local businesses have a far greater impact on the local economy than national chains because they spend a larger portion of revenue on local labor, spend more of their profit on local goods and services, and provide more support for local organizations.     Community Women’s Initiative believes that all change happens locally. The key to our expansion model is working in partnership with local organizations and institutions to make our services accessible to low-income women in underserved and economically underdeveloped neighborhoods. The agency works with community based organizations and institutions such as community colleges and vocational training institutions, health clinics, schools, service providers for low-income women and families, and domestic violence shelters. The benefits of women starting and growing local businesses go far beyond their families' well-being. Graduates become mentors to other emerging entrepreneurs and are respected community leaders.