Monthly Archives: June 2015

WIPP’s Next Battle

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A2C

For the better part of two decades, WIPP championed the effort to help bring women into the lucrative federal market. As many of you know, we accomplished much of what we set out to do with the addition of sole source authority. Since then, however, WIPP’s team in Washington has focused on a statistic that kept repeating in our brains: women receive only $1 out of every $23 that is being loaned to small businesses. How was that possible?

For months WIPP devoted time to researching the landscape of business finance, capital access, and small business lending. What we found was that there are many policy ideas about how to stimulate lending to women – ultimately growing the economy because we all know the economic impact of women-owned businesses.

But we have a long way to go. In 2013, more than two in three loan applications for women-owned firms were denied. WIPP’s annual membership survey regularly finds that women must make multiple attempts to secure bank loans or lines of credit – with a full 40% never succeeding. All this despite women making up one-third of business owners, generating more than $1 trillion annually in receipts, and growing at 1.5 times the rate of average businesses.

The platform WIPP released today, Breaking the Bank: Women Entrepreneurs & the Need for Capital, will hopefully change that. The solutions span three main themes: changing the capital infrastructure, supporting small lending institutions, and strengthening government investment. The platform has four solutions that will change the capital infrastructure. For example, WIPP wants the government lending programs to consider FICO’s alternative credit scoring system. This system modernizes the way credit is calculated to provide new opportunities for women entrepreneurs trying to obtain loans. WIPP also wants to support small lending institutions by pushing for an end to a “one-size-fits-all” approach to regulation. Removing these burdens on small banks will allow them to return their focus to lending.

Changes to government policies are an important part of the platform. WIPP believes a small business seat at the Securities & Exchange Commission will ensure that smaller women-owned firms have an advocate as the next generation of alternative lending, like CrowdFunding, is eventually put into place. Modernizing the Microloan Program, where women are the majority of loan recipients will also make a difference. Women owned small businesses are growing at 1.5 times the rate of average businesses, but they will never get off the ground if they cannot obtain early stage capital.

WIPP does not have a monopoly on good ideas but we have an important voice in public policy. Over time, we may add to this platform to ensure that all policy solutions improving access to funding for women entrepreneurs can become part of the debate in Washington. We ask you today to look through WIPP’s access to capital platform and share it with one other woman you know. If our successes in Washington in the 15 years WIPP has been an organization are any example, we will need a lot of women behind us to make this platform a reality.

Women in Media CAN Get Ahead

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by Barbara Kasoff, WIPP President 

I like to kick off my mornings reading Kristen Bellstrom’s The Broadsheet, a daily published dish on the world’s most powerful women. The articles give you timely and thought provoking insight into what powerful women are doing to shape the world. Recently one in particular caught my eye that I thought would be worth sharing – although most of them are worth reading. This one offers tips women in the media – however the tips really extend far beyond the media industry sector: “A Message to Women in Media”.  First, the bad news: We women who work in the media make 83% of what our male counterparts earn. The good news? The author of the article and Morning Joe co-host, Mika Brzezinski has some tips on how to get ahead.
Related links:

House Passes Permanent Internet Tax Freedom Act – GUEST POST

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by Rob Shrum, myWireless.org

Good news from the U.S. House of Representatives!

myWireless logoThe House voted to pass the Permanent Internet Tax Freedom Act (H.R. 235), which is strongly supported bipartisan legislation that permanently protects consumers from having to pay taxes on Internet access.

Now it’s time for the Senate to do the same. The Internet Tax Freedom Forever Act (S. 431), as it’s called in the Senate, is the companion to the bill passed by the House today.

The Internet Tax Freedom Act, as both bills are commonly known, was originally passed in 1998 to foster and encourage the continued expansion of Internet use in the U.S. As we all know, the Internet has revolutionized the way we are able to communicate, learn and do business. This legislation has been incrementally extended over the years, and is scheduled to expire October 1, 2015.

Please take a moment to write your Senators today and urge them to pass S. 431.

Let’s work together to make sure Internet access remains affordable and accessible to everyone, and tax-free forever!

See the original post at:  http://bit.ly/1NFX4DF

 

 

Bonds: An Important Weapon In Any Contractor’s Arsenal

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It is vital that construction contractors, regardless of tier or trade, understand the basic principles of contract surety bonds. An understanding of how bonds are used in construction; and, importantly, how the surety company prequalifies the contractor is critical.   Surety Bonds are mandated by various federal, state and local laws, but may also be required by the private sector as well. Recently, as part of WIPP’s Give Me 5 webinar series, bonding specialist Ellen Neylan, along with construction counsel, Jennifer M. Horn and Maria Panichelli, discussed these issues in detail. Below are some highlights of the discussion.

The Performance Bond secures the contractor’s promise to perform the contract in accordance with its terms and conditions, at the agreed upon price, and within the time allowed. The Payment Bond protects certain laborers, material suppliers and subcontractors against nonpayment. Since mechanic’s liens cannot be placed against public property, the payment bond may be the only protection these claimants have if they are not paid for the goods and services they provide to the project.

In order to obtain a bond, the contractor must be prequalified. Sureties should not bond a contractor that does not meet their prequalification standards. The surety company’s pre-qualification process carefully analyzes the contractor’s entire business operation, much like a bank, because the surety is backing the promise that the contractor will perform the contract. The surety determines the contractor’s ability to meet current and future contract and financial obligations.

The parameters of bonding on a project are often dictated by the law. For example, the Federal Miller Act requires surety bonds for the “construction, alteration, or repair of any public building or public work of the United States for an amount greater than $100,000.” When filing surety claims against Miller Act bonds, subcontractors should be aware that timing is critical. Even though no notice is required, first tier subcontractors must wait 90 days from non-payment to give the bond principal a chance to make payments. In addition, all suits must be filed within one year of last work performed or materials supplied. It’s very important that the claim notice clearly state the amount being claimed, the name of the party to whom labor or supplies were provided, and that the subcontractor is making a formal claim against the bond principal.

The Surety will not pay claims without regard to their merits, but it should be expected to respond to claims promptly and, if denying a claim, offer an explanation. Finally, the Surety, with the aid of legal counsel, can assert all defenses of its bond principal, unless precluded by bond or contract language. Examples of defenses might include: breach of contract; recoupment/setoff; and failure to mitigate damages.

For more detailed information about this important topic, tune in to the recent webinar:

Give Me 5 Logo

Give Me 5: Construction Unit – Bonding and Liens 

As a federal contractor in the construction industry, it is imperative that you obtain proper bonding – but this is a highly complicated subject that could end up costing you an incredible amount of money if you don’t fully understand the nuances and ramifications. This webinar unravels the most important aspects of bonding and liens providing you with important guidelines for success.

Course Instructors: Jennifer Horn, Partner, Cohen Seglias Pallas Greenhall & Furman PC & Maria Panichelli, Associate, Cohen Seglias Pallas Greenhall & Furman PC and Special Guest: Ellen Neylan, Founder, Surety Bonds Associates

Listen to the Podcast | View the Presentation

June 2015 WIPP National Partner of the Month

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Ann Rama

Anjali “Ann” Ramakumaran

Founder and CEO of Ampcus Inc

Website Address- www.ampcus.com

Company was founded – 2004

WIPP sat down with Ann to hear a little bit more about her business and relationship with WIPP:

Tell us a little about your company and its mission.

  • Ampcus is a Business and a Technology consulting and a staff augmentation company headquartered in Chantilly VA 25 miles West of Washington DC. For a decade we have been supporting various fortune 1000 corporations and federal agencies on various mission critical projects of theirs.
  • Our mission is todevelop and deliver innovative  and effective workforce solutions that make a difference in the life of our customers and employees.

Ampcus is one of the very few women and minority owned company who has all the process certifications required in this field. Ampcus is an ISO 9001:2008; ISO 27001:2005; ISO 20000:2005; and SEI CMMi Level 3 certified Company. Ampcus has been growing at a rate of 40% and maintain high employee retention of over 94%.

Have you always been an entrepreneur?  If not, what, or who, inspired you to take this leap? I think Entrepreneurship is imbedded in me. I did work with a small women owned business and as an employee I would work as though it was my own company. I was also recognized by my employer for that.

How are you engaged in your community (or state or national scene) in philanthropic or political causes? 

Philanthropic activities:

  • Contributions to American Cancer Society
  • Contributions made for pediatric cancer research
  • Providing Scholarship to Underprivileged student through USPAACC Education foundation for college education
  • Supporting various non profit organizations like WBENC, WPEO, USPAACC , CRMSDC( Co-chairs and Presenting Sponsors) and sponsoring various events of theirs to promote other Women owned business , small business and minority owned business.

Boards/Leadership Committee:

  • Advisory Board Member- MBE Advisor MBN USA
  • Brain trust and Leadership Committee Member- USPAACC

What value/resources has WIPP brought you (training or education, member or political connections/access, awareness of policies that affect your business and its growth, etc.) that have been helpful to you? WIPP has helped us a lot as we get access to lot of training material, get access to political members, webinars have always helped us.

Ann’s Bio

Ann is the Founder and CEO of Ampcus Inc, a technology savvy entrepreneur with more than 10 years of contribution towards the design and development of software services and delivery of Information Technology services. Under her leadership she has grown Ampcus Inc into a fast growing consulting and professional services firm.

She has been awarded as the top Asian American owned businesses by USPAACC for 2009, 2010, 2011, 2012, 2013 and 2014 and 50 fastest growing women owned businesses in the CONUS by the Women Presidents Organization for the years 2010, 2011, 2012, 2013 and 2014, 2015. Ampcus Inc made the Inc500/5000 list for the years 2010, 2011, 2012, 2013 and 2014. Ampcus Inc has also been recognized as the Top diversity business for the years 2010, 2011, 2012, 2013 and 2014.

She has helped fortune 2000 companies with their enterprise-wide customized solutions. She reports to the board and drives the company to attain its vision of being one of the largest Professional services companies globally. She has been involved in executing a consultative methodology to define, qualify, and quantify the clients’ targeted and strategic IT and business objectives and from this developed solutions to proactively address current and evolving needs and projects.

In 2014 Ann was awarded Women in Technology Entrepreneur of the year by Women in Technology and in 2015 Ampcus was awarded the growth award by Astra WBENC. They were also awarded Washington Technology Fast 50.

Ann holds her Bachelor’s and Master’s degrees in business and commercial management from India. She has also completed an executive management program from Robins School of Business, University of Richmond.