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Microcredit: an answer to the gender problem in funding? Sophie Brana
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1 Microcredit: an answer to the gender problem in funding? Sophie Brana LAREFI Working Paper N LAREFI Université Montesquieu-Bordeaux IV Bâtiment Recherche Economie 1 er étage Avenue Léon Duguit Pessac 1
2 LAREFI LABORATOIRE D ANALYSE ET DE RECHERCHE EN ECONOMIE ET FINANCES INTERNATIONALES AUTHORS Sophie Brana, LAREFI, Université Montesquieu Bordeaux IV NOTICES LAREFI Working Papers contain preliminary material and research results. They have been peer reviewed. They are circulated in order to stimulate discussion and critical comment; any opinions expressed are only those of the author(s). Copyright LAREFI. All rights reserved. Sections of this material may be reproduced for personal and not-for-profit use without the express written permission of but with acknowledgment to LAREFI. To reproduce the material contained herein for profit or commercial use requires express written permission. To obtain permission, contact LAREFI at 2
3 Sommaire 1. Introduction Review of literature Empirical study Statistical results Multivariate Analysis Conclusion References
4 Liste des tableaux Table 1. Entrepreneur characteristics Table 2. Funding characteristics Table 3. Project characteristics Table 4. Fixed-effects (within) regression: key factors when determining the amount of the micro-loans Table 5. Fixed-effects (within) regression: key factors when determining the amount of the bank credit 23 4
5 Abstract Microfinance institutions (MFIs) target poor people, excluded from the banking system. By giving them starting capital, they should thus enable a greater number of women to create their own business, but also in sectors traditionally reserved for men due to the initial capital they require. Our study covers a portfolio of 3,640 microcredits in France over the period. It identifies microfinance institutions client profiles, brings to light the men/women differences and compares them to a wider sample of entrepreneurs. We show that the men/women gap found amongst company creators is maintained amongst clients of MFIs. We also demonstrate that the gender criterion is a decisive factor of the amount of the microcredit when compared to the borrower and firm profile. To a certain extent, MFI thus reproduce gender inequalities. Keywords: Microcredit, Gender, Entrepreneurship, Small business. JEL classification: G21, J16, L26, M13 5
6 1. Introduction Microfinance ambitions in industrialized countries slightly differ from the well-known traditional objectives in developing countries. Microcredits are very small loans (less than 40% of the income per capita) granted to people totally or partially excluded from the banking system. In developing countries, the aim of microcredit is to reduce poverty, promote self-employment and improve the empowerment of socially excluded persons, women in particular. In industrialized countries, the goal is first of all to reduce poverty by encouraging self-employment. Microcredit thus answers two types of need. On the one hand, it enables people excluded from the banking system to create their own business, on the other it provides extra funding to entrepreneurs by creating a leverage effect with respect to bank credit. Women should be particularly concerned by microcredit for two reasons. Firstly, they are more likely to be affected by unemployment and poverty. For example in France, the unemployment rate for women in 2007 was 8.5%, as opposed to 7.4% for men1. The part-time employment rate is 29.2%, as opposed to 3.7% for men. Women represent the majority of non-working people, of longterm unemployed, of beneficiaries of welfare benefits, or of single parent families. They are therefore particularly vulnerable to the risk of poverty2. Secondly, women are also more vulnerable to financial exclusion, partial or total, especially women Entrepreneurs. Although women represent 47 % of the French working population, in 2006 they accounted for only 30% of nascent entrepreneurs. Women entrepreneurs, on average, start their business with less capital (Insee, Sine survey 2006). This may explain why they face greater difficulties obtaining bank loans and funding their projects. Woman entrepreneurs cite access to finance as the most significant constraint affecting their business (Underwood 2006). Microfinance institutions (MFIs) target more specifically poor people, excluded from the banking system. By offering start-up funding, they should encourage more women to create their 1 In France, 31% of microcredit borrowers are unemployed people. 2 For a review of gender inequalities in the risks of poverty and social exclusion in 30 European countries, see European Commission (2006). 6
7 own business, but also to create their business in sectors that are traditionally male-focused due to the initial capital they require. Does microfinance enable women to avoid financial constraints in industrialized countries? Does Microfinance really help women in terms of entrepreneurship? The question of the link between microcredit and gender has given rise to an abundant literature in developing countries, but not in the industrialized economies3. In developing countries, the debate has focused on the impact of microfinance on gender equality or empowerment of women. According to Mayoux (2007), microfinance programs, by helping women to generate an income, trigger a virtuous circle of economic empowerment, increased well-being for women and their family, and on a wider scale increased political and social power for women. Several studies, however, have qualified this positive view. Firstly, social and cultural inertia incites one to mitigate the impact of microfinance. As pointed out by Guérin and Palier (2006), whatever the quality and availability of microfinance, the road to equality is long and, even if microcredit can contribute to it, it does so only marginally. Many microfinance institutions target women primarily because they have higher repayment rates than men, their families get more benefit from their extra income, and because loan groups work better with them. It seems, however, that of 213 institutions reported by the Microbanking Bulletin, the highest percentage of female clients is to be found in the most recent institutions. Conversely, the more mature institutions banks, non-bank financial institutions, profit-making institutions, large scale institutions tend to focus on the less poor of the poor and on small businesses. These large, profit-making organizations are less likely to reach women (Cheston 2007). In fact women, because they offer fewer collaterals than men and have access to smaller funds, are limited to so-called feminine occupations, not very capitalistic, often part-time, from home and generating little profit (Guérin, Palier 2006; D espallier et al. 2010). The possibilities of economic empowerment and of rising above their social status remain limited. Moreover, Goes and Gupta (1996), for Bangladesh, have demonstrated that in many cases, women do not really control the use of funds that they have obtained. Indeed, because women have 3 To our knowledge, the only study is that of T. Underwood (2006) for the European Microfinance Network. 7
8 easier access to microcredit, men use them to get funds. For Fernando (2006), microcredit increases the responsibilities weighing on women, but not their real power, and it does not always make them less vulnerable to domestic violence. Studies about women and microfinance in industrialized countries are scarce. In 2005 the European microfinance network (see T. Underwood 2006) launched the first statistical survey in order to determine to what extent European women were accessing microloans. The data from thirty microlenders over the period indicates that 39% of microloans were disbursed to women, above the 30% female entrepreneurship level in Europe. But despite a great potential to meet women s financing needs, the lending rate in Europe remains low compared to other countries. In order to go further, we have launched a data collection exercise for French IMF s portfolio. More precisely, our study covers all the microcredits granted over the period in Aquitaine, the 6th largest region in France, by the 12 microfinance institutions active in that region, including a portfolio of 3,640 microcredits. The aim of this study is to identify the profile of these microfinance institution clients, to reveal the differences between men and women and to compare them to the larger sample of entrepreneurs (using the French Institute for statistics database Insee). We will then check if the gender criterion weighs in on the characteristics of the loan. Do MFIs reduce the obstacles women face with their projects or on the contrary, do they merely reproduce these inequalities? The plan of the article is as follows. The following section presents a brief review of empirical literature on the relationship between gender, entrepreneurship and funding. Section 3 is devoted to an empirical analysis, with univariate and multivariate tests of differences in male and female use of microfinance. Finally, section 4 presents some concluding remarks and recommendations. 2. Review of literature In industrialized countries, literature has focused on women and entrepreneurship or selfemployment, particularly in the United States, in Canada or in Great Britain. Anderson, Carter and 8
9 Shaw (2001) thus list over 400 academic articles on women entrepreneurs. These studies reveal major differences between firms created by men and those created by women. They show that, compared to men, women start their own business with less financial capital, less experience and fewer resources in terms of human and social capital. This causes many women to set up underfunded businesses, which can have a negative impact on their long term performance. Thus the men/women differences are felt both with the structure (size of the firm, business sector) and with the profits. The performance outcomes (profitability, durability)of firms managed by women are generally lower 4. But the impact of gender on economic performance has led to a great deal of controversy. Today however, a consensus seems to arise on the fact that if a number of variables can be controlled (business sector, starting resources, age of business, risk), men and women s performances will be similar (Watson 2002; Watson and Robinson 2003; Johnsen and McMahon 2005). The most important research work has focused on the issue of gender and finance (Anderson, Carter and Shaw 2001), even if few systemic studies exist (De Bruin et al. 2007). Women experience more difficulties than men to raise start-up and recurrent finance. Whatever the sector or area, women start their business with less capital than do men, while business survival is found to be positively related to the amount of start-up capital, other factors held constant 5. Moreover in surveys, women generally declare that they are or have been discriminated against by banks. The general feeling is that banks are reluctant to give them credit. There are three main types of explanation put forward for this. According to certain authors, women are discriminated against in terms of credit supply not because of their sex, but because of the less favourable characteristics of their project. Coleman (2000) argue that businesses managed by women are less attractive to banks because they are small and considered to be more risky. Banks prefer financing larger projects that are already established, 4 In France, the durability rate for three year old firms is 70.4% for firms created by men and 67.7% for firms created by women. 5 See for example Boden and Nucci (2000). 9
10 a point that favours men. As a result of this adverse selection, the average quality of the women business decreases, causing a self-reinforcing discrimination mechanism (Scalera, Zazzaro, 2001). Riding and Swift (1990) compared the experience of men and women entrepreneurs in their relationship with financial institutions over a given period. They show that the financial conditions are less favourable to women, but that businesses managed by women are both younger and smaller than those managed by men, and have weaker economic growth. Banking conditions would therefore be the result of rational banking behaviour when faced with riskier projects. It seems women also experience greater difficulty in offering collaterals. As they are more likely to be working part-time or earning less than men, women find it more difficult to accumulate personal savings (Marlow and Patton 2005). Thus for both these reasons, lack of personal funds puts them at a disadvantage when creating their business. Their personal contribution is limited and such a small capital cannot be used as collateral to strengthen the loan relationship. Work experience before starting a business is therefore crucial to accumulate financial capital, but also human capital and to build up a network. Whereas Robb and Wolken (2002), or Cole and Mehran (2009) for the United States demonstrate that when the firm and owner characteristics are taken into account, women have equal access to credit 6, other studies found that structural dissimilarities cannot account for all the gender differences in financing patterns 7. Other authors focused on demand size risk and debt aversion (Bird and Brush 2002). It seems women are less encouraged to start businesses with high growth rates that require significant investments (financial and human) and prefer to avoid debt, which would explain why they do not apply for bank credits so much. Women start their business to assure their own employment rather than to develop it. For Danes et al. (2007), because they give priorities to their families and because they are in charge of educating their children, they opt for smaller organizational structures that are easier to manage. Barbato and DeMartino (2003) compare male and female entrepreneurs who are similar in terms of business education. They showed that women are less motivated by wealth 6 However, these studies rely upon the same database for the U.S. (the SSBFs). 7 see Carter and Shaw 2006 for a survey. 10
11 creation and career advancement and that they prefer a career that give them flexibility and allowed them to manage their family obligations. Moreover, the 2006 Global entrepreneurship monitor survey (cf. Allen et al. 2007) shows that fewer women than men believe they have the required knowledge and skills to start their own business (32.9% of women against 46.3% of Men in High income countries). Women have less self-confidence. Whatever their reason for starting a business, they consider themselves and the entrepreneurial environment less favourably than men, which is a key point when explaining the smaller number of women in this area (Langowitz and Minniti 2007). They are also more risk averse than men (Watson and Robinson 2003), which leads them to ask for smaller loans 8. Thus, faced with similar projects, it seems difficult to pinpoint real discrimination by banks, although studies are contradictory. It seems discrimination regarding credit supply is not systematic but low (6% out of the 325 cases studied by Carter et al. 2007) and not deliberate. However, as Marlow and Patton (2005) observed, studies tend to focus on the results rather than on the process. Even though access to credit is identical for similar projects and profiles, a number of studies show that relationships with lenders are more difficult for women. Firstly, women are generally less satisfied with their banking relationship than men (Buttner and Rosen 1988, Hayen et al. 2007). Secondly, Carter et al. (2007) show that the trust relationship, an important aspect of the bank loan relationship, is not the same for men and women. Banks will require women to give proof of their knowledge on starting a business and of its different implications. Men on the other hand, are asked to demonstrate their social stability, by being married for example. Fay and Williams (1993) mailed to loan officers of major banks the files of people asking for loans where the only difference was the level of education or gender. They demonstrate that among people with higher school education, women are less likely than men to obtain a loan. For people with a university education, the chances are the same but the education variable will play a more important role for women. They come to the conclusion that the feeling women have of being discriminated against when asking for start up 8 See Croson and Gneezy (2009) for a survey of gender differences in preferences. 11
12 capital is grounded, but that this discrimination is probably unconscious and cultural, thus making it more difficult to change. Buttner and Rosen (1998), after surveying 106 bank loan officers, show that the characteristics associated with successful entrepreneurs are attributed to men more often than to women. Sexual stereotypes can therefore have an influence on the banking relationship in general. It seems also that women are asked more collaterals than men as well as a higher interest rate (Coleman, 2000). Riding and Swift (1990) created a witness group made up of firms managed by men, with identical characteristics in terms of age, size, business sector, growth rate and organization as those managed by women. They show that once these variables are controlled, there remains a significant statistical difference linked to gender. Women are asked for increased collateral to obtain a credit line. Bellucci et al. (2010) confirm for Italy that female business owners are significantly more likely to pledge collateral and also face significantly stricter credit limits. They conclude that they results are consistent with the taste-based discrimination theory. Finally, Muravyev et al. (2009) explore gender discrimination against entrepreneurs in 34 European countries. Their results provide some support for the hypothesis of discrimination against female entrepreneurs, who are less likely to obtain a bank loan and are charged higher interest rates, compared to male managed counterparts. In industrialized countries, microfinance, because it provides funding and own funds to people, particularly to women who do not have any, may help to avoid some banking exclusion. It may also encourage access to bank credit and to more ambitious projects. 3. Empirical study Our research covers the activity of all microfinance institutions in Aquitaine. Over the period, 12 institutions gave just under 4,000 micro-loans amounting to a total of 18.7 million euros. We created a database using the client portfolios of these institutions. The complete data concerns 3,640 microcredit files, for a total of 17 million euros (2,381 men and 1,259 women) 9. The 9 We excluded the data on the few businesses that were created on a family basis. 12
13 advantage of this study is that it covers the almost exhaustive supply (over 90% of files contain correct information) of microcredit in the 6 th largest region of France during seven years. 3.1 Statistical results 34.6% of microcredits reported in our survey were disbursed to women (Table 1). This rate is slightly above the percentage of women company creators in France (28.7% in 2002), but it is lower than the European rates (respectively 39% and 30% in 2004). The percentage of women in the MFIs portfolio is close to the Western European rate but contrasts sharply with the East European (62%) and North American (59%) rates, as well as with those in developing countries (84%). Table 1. Entrepreneur characteristics Entrepreneurs Entrepreneurs Difference between Women and Men 13
14 (total) with microcredit (with microcredit) Women Men Women Men t- Student Prob. Gender 28.7% 71.3% 34.6% 65.4% Average age (years) Nationality French Other 92% 8% 88% 12% 83.9% 16.2% 81.1% 18.9% * Level of studies University Primary and secondary school 52.8% 47.2% 45.2% % 50% 39.2% 60.8% ,000*** Occupational status Active Unemployed < 1 year Long term unemployed Inactive 45.5% 17.1% 16.1% 21.3% 57% 19.3% 14% 9.7% 13.4% 19.3% 11.2% 56.1% 17.3% 21.5% 10% 51.2% *** *** Bank credit Yes No na na na na 20.1% 79.9% 23.6% 76.4% *** Marital status Single Couple na na na na 60.8% 39.2% 42.2% 57.8% *** Work experience Yes No na na na na 49.4% 50.6% 55% 45% *** *** Differences between men and women are significant at the.01 level. * Differences between men and women are significant at the.1 level. Sources: Our database and the Sine database of Insee. As shown in Table 1, of all entrepreneurs, microfinance institutions tend to target relatively more women, young people, foreign born populations, as well as people who are excluded from the labour market. Because of their characteristics, these people are often those who do not have much personal funding, a position that makes access to classic bank credit more difficult. Moreover the number of women who start their business alone is generally higher than for men, who are often helped by their partner (or by a family member). Thus women, who are often single, will a priori have less income and fewer guarantees (single source of income, fewer assets) to put forward in order to get external financing. Yet they have a monthly income that is almost equivalent to that of men (the difference is not statistically significant, see Table 2). Moreover, it is interesting to note that a high percentage of single female borrowers have children in their care (44.4% of single women, as 14
15 opposed to only 14.2% of single men). And yet, it is well known that the risk of poverty is 34% amongst single-parent families. In our database, almost 80% of these women receive welfare benefits and 96.7% of them are excluded from bank funds. Conversely, men who have loans and are in a couple have children more often than women who are in a couple (73.8 % compared to 66.6%). Consequently, self employment for single women may be perceived as necessity entrepreneurship10, whereas it may be opportunity entrepreneurship for women in a couple. The male/female difference amongst microcredit beneficiaries does not appear to be significant when compared to the reference population of company creators. In both samples, women have studied more than men but have less work experience in the sphere they are entering. Most of the time they were outside of the workforce (but not on unemployment benefit) before they created their business. Indeed if the difference between women who have benefited from a microcredit and those who have not is not very high (amongst company creators, the percentage of women who went through higher education is of 52.8% and 50% amongst microcredit beneficiaries), this difference is much more significant amongst men (45.2% compared to 39.2%). Similarly, male company creators are more often in employment (57% compared to 45.5% for women) whereas women are often beneficiaries of welfare benefits (21.3%, compared to 9.7% for men). Amongst microcredit beneficiaries, the gap lessens greatly, leading us to believe that MFIs tend to favour active women and men in consistent poverty. Amongst company creators, 1 in 5 women is on state benefit, compared to 1 in 10 men. Amongst microcredit beneficiaries, this rate is almost the same between men and women (1 in 2). Thus comparatively, MFIs fight the battle against poverty and exclusion more for men than for women. There is no indication, however, that this is indeed discrimination by MFIs rather than self-selection (discrimination) by women themselves. 10 For Allen at al. (2007), necessity entrepreneurship refers to people who start their own business because other employment options are either absent or unsatisfactory. They find that necessity entrepreneurship is much more prevalent among women than men. 15
16 Table 2. Funding characteristics Women Men Difference between Women and Men (t statistic) Probability for t-statistic Loan maturity (months) *** Interest rate (%) * Beneficiaries in % : - Interest free loan - Own funds - Loan subsidy - Bank loan 56.1% 37.8% 24.4% 20.1% 61.4% 41.9% 23% 23.6% *** 0.002*** ** Average amount of MFIs loan (euros) *** Total need for funds (euros) *** Own resources (euros) ** Average amount of supplementary bank loan (euros) ** Losses (%) 2.6% 3.7% * Monthly available income (euros) *** Differences between men and women are significant at the.01 level. ** Differences between men and women are significant at the.05 level. * Differences between men and women are significant at the.1 level. The total amount of women s projects is on average almost 40% lower than that of men, which corresponds exactly to the gap between the complementary bank funds of both sexes (Table 2). It is on the own funds level that the gap is the widest (- 67%). Women meet their need for funds by using relatively more microcredits. As expected, beneficiaries of a micro-loan are two times less likely to have access to bank credit than the average company creator (20.1% of women and 23.6% of men compared to 45% and 43% respectively). It is interesting to note that women have a guarantee fund (FGIF), managed by France Active since 2002, in order to facilitate their access to bank credit. This fund guarantees loans between 5,000 and 48,000 euros. It appears to be useful since, in our sample, only 0.17% of women had a loan higher than this guaranteed limit, compared to 8.3% of men. Although women borrow less and over a slightly shorter period, their lending interest rate is on average higher, which can in part be explained by the fact that men benefit more often from 16
17 interest-free loans. This confirms the results of Coleman (2000) who suggests that higher interest rates are associated with smaller loans and female borrowers. Yet women, maybe because they are subjected to tighter selection than men, have a much higher repayment rate than men 11. But a high repayment rate tells us nothing of the difficulties that have to be faced. Women often attach more importance to the credit relationship than to their capacity to generate a decent monthly income, which can jeopardize the business s survival. The credit will have been paid back under the agreed conditions, but the business will have disappeared. Table 3. Project characteristics Legal structure (%): - Limited liability company - Sole ownership - Private limited company under sole ownership Business sector (%): - Retail trade - Personal service - Services for firms - Building industry - Farming - Catering - Craft industry Women Men In accordance with other surveys of company creators in France, but in other industrialized countries also, more than three-quarters of women are to be found in the retail trade sector or among service providers for private individuals (Table 3). Men are found in many more sectors, including the construction sector, agriculture, or service providers for businesses. Despite the fact that self-employment has often been presented as an opportunity for women, particularly in terms of autonomy, personal development and professional progress, studies confirm that women reproduce a certain sectoral segregation. According to Hugues (1999), because they do not have enough capital and contacts, and because they are more involved in domestic work and in their children s education, women work in peripheral economic niches, such as retail trade or in 11 This result confirms that women are generally better credit risks in microfinance than men (D Espallier et al., 2010). 17
18 personal service. These highly competitive sectors with low barriers to entry have low profit margins. In contrast, men s work is more diversified, in retail trade, services to businesses, in the construction sector or in transport. Women choose legal structures that are more adaptable and need lower personal funds. Almost 60% of them thus opt for a sole ownership, where the borrower is liable for his/her debts on his/her personal assets, as opposed to 43.7% of men. The same proportion of men choose a limited liability company (43.7% of all projects, against 29% for women). The legal status that is chosen is generally correlated with the business sector. When it comes down to it, whether one is studying microcredit in developing countries or in rich countries, similar observations can be made: women are limited to activities considered to be feminine (personal services, retail trade), to poorly capitalistic activities that generate little profit. One explanation is that women start their business with a lower level of start-up capitalization. This is one of the reasons why they choose a legal structure and a type of activity that require little investment in capital but that will not enable them to generate a significant income. The univariate analysis of male and female microcredit borrowers revealed several significant differences in firm and owner characteristics. Notably, we found a significantly lower amount of microcredit for women compared with men. We will now carry out a multivariate analysis in order to explain these male/female differences. 3.2 Multivariate Analysis Multivariate analysis will help clarify the role of gender in the amount of microcredit, taking into account some control variables, as project or owner characteristics. As we have seen, the impact of gender on the ability to borrow money can be linked to two types of consideration. The first is due to an indirect effect: women borrow less because they have fewer personal assets, less experience, and because they choose activities that require less investment (financial and personal). Therefore, the lower value of loans disbursed to women results from a 18
19 combination of demand and supply factors explained by the borrower or project particularities. The second effect is more direct: the funding differences cannot be attributed to these previous factors, in which case there is a gender effect (Verheul and Thurik, 2000). Discrimination in the credit market occurs when lenders decisions on loan applications are influenced by personal characteristics, such as gender, that are not relevant to the transaction (Muravyev et al., 2009). In order to find a gender effect, we have to control for the different factors related to borrower characteristics, to project characteristics and to fund characteristics 12. The estimated equation takes the following form: Y i = α + βwoman i + X i χ + ε i The Woman variable is a dummy variable that specifies whether the borrower is a woman. If the differences in the microcredit s amount can be explained by borrower characteristics (other than gender) or by project characteristics (its size, business sector, supplementary funds), Woman s β coefficient should not be statistically significant. X is a vector that captures the characteristics of the borrowers and of the project (ie the supply and demand factors) and ε is the error term. The borrower characteristics taken into account are age, experience, ethnic background, level of studies, monthly income level and occupational status (employee, corporate manager, unemployed for less or more than one year, beneficiary of welfare benefits, other). We also introduced the squared age so that any potential nonlinearities linked to age could be taken into account. The project characteristics are its amount, the business sector and the type of project (creation, buyout or development of a business). Lastly, fund characteristics are the availability and amount of supplementary funds (own funds, bank credits, financial assistance). 12 For the methodology, see for example Cole and Mehran (2009), Muravyev et al. (2009), or Belluci et al. (2010). 19
20 We estimate the microcredit supply s determinants by using an OLS regression with fixed effects to take into account the structural specifics of the different microfinance institutions we studied. This model allows for heteroskedasticity of errors by MFIs. We didn t find any collinearity between the explanatory variables 13. The results are shown in Table 4, the description of the variables can be found in annex 1. Only the variables significantly different from zero are presented. The multivariate analysis reveals that the amount of the microcredit increases with the age of the borrower, his/her level of studies and if the borrower is a man. Social and professional status is also important. The loan will be of a greater amount if the borrower is an employee or already a corporate manager at the time of the loan, whereas the loan will be of a smaller amount if the borrower receives welfare benefits. The other significant variables have to do with the project: some sectors (such as cafés, hotels, restaurants, or the construction sector), or legal structures (private limited company under sole ownership) require higher microcredit funds. The amount of the micro loan will be greater if the project is of greater importance (this amount will also be correlated to supplementary funds, personal assets or bank loan), if it benefits from financial assistance (subsidy, interest-free loan) and if it funds the creation of a business (i.e. if it does not buyout or plan to develop an already existing business). The regression was also done separately for men and women in order to evaluate whether the amount of the loan was determined by different reasons depending on the borrower s sex. The first result is that the borrower s personal characteristics are of little significance for women, whereas age, level of studies and marital status are key factors for men. Another interesting result is that the micro loan s amount will be directly correlated to the amount of the financial assistance (subsidy) that will have been obtained by women, yet for men, this variable is never significant 14. This seems to confirm the usefulness of help directed specifically at women and therefore, implicitly, that women are penalized in their access to funds. 13 The correlation between explanatory variables is very low and the variance inflation factors (VIFs) is low (=1.2). 14 Even if access to subsidies does not vary statistically depending on gender (cf. table 2). 20
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text:
Yes we have a famous battlefield to tour by car, bicycle, horseback, and even on foot but we boast a wealth of activities beyond those historic acres.
From historic inns to comfy campgrounds, boutique hotels and classic motels, find a range of options when you stay over.
From historic taverns to ethnic cuisine, farm-to-table dining to unique edibles, the tastes of Gettysburg are sure to please every palate.
Gettysburg and Adams County is the perfect four-seasons destination.
Let us suggest the best places to learn, taste, explore.
With adventures to suit every budget, Gettysburg and Adams County businesses offer plenty of packages to help visitors create their dream vacations.
2000 Vine Street
Middletown , PA 17057
For 13 years, Premiere #1 Limousine Service has provided luxury transportation services in Central PA. In March 2009, a new owner aquired the business and has since expanded the fleet to 40 vehicles, including luxury sedans, SUV's, passenger vans, corporate limousines, minibuses and luxury motor coaches.

subset: commoncrawl


text:
Senior Gift
Senior Gift is a collective gift from the class of 2016 to Wellesley and all of the sibs that come after us. It is a Wellesley tradition. It is a vote of confidence in the power of a Wellesley education.
As we look back on our years here at Wellesley, one thing is clear: our
student experience would not have been possible without the enthusiasm of alumnae, parents, faculty, staff, and friends of the College. Every year, a generous community of over 16,500 donors come together to support current
students and drive the College's success. It's because of this long-standing tradition
of philanthropy that we're here today, and it's on us to keep that
tradition strong—starting with the Senior Gift campaign.
Why else does Senior Gift matter? Our senior class participation percentage will be included in Wellesley's annual alumnae participation rate this year. It contributes to Wellesley's standing in the U.S. News & World Report's college rankings. Two years ago, Wellesley had under 50% overall participation and came in at #7 in the rankings. When we achieved 53%, we moved up to #4!
Have questions? Check out the Senior Gift Campaign FAQ.
Get involved: Click here for a list of upcoming spring Senior Gift events.
Join us!
Each and every gift makes a difference, no matter the size. It's the choice to participate that matters most. We hope you will join us in giving to a place that's given each of us so much.
Office for Resources
106 Central Street
Wellesley, MA 02481
E-mail: firstname.lastname@example.com
Tel: 800.358.3543
Resources Staff Listing
Senior Gift Committee
Margaret Christie
Soo Jin So
Anicia Arredondo
Rebecca Chen
Juliette Fry
Sierra Luther
Marketing &
Dina Aouani
Tamar Davis
Pauline Day
Hannah Ruebeck
Ruby Circle
Sammy Marrus
Pam Metani
Jane Wong
Davis Scholar
Carine Wete
Athlete Representatives
Charlotte Harris
Wellesley Fund Liaison
Samantha Bailey
Assistant Director


text:
Doctor insights on:
Can You Get Pregnant If You Miss Dep I Shot Appointment
Can you get pregnant if you miss depi shot appointment?
Probably not: The 3-month interval for depo-provera is calculated to protect even the fastest metabolizers. The longer you go past this time, the greater the chance of becoming pregnant, but it is not an instant deadline. If you wait a month or more, your doctor may want to wait an interval while you use protection and then get a pregnancy test before giving you your next shot. ...Read more
Pregnancy (Definition)
When your due date arrives, you will be more than ready to have your baby! Most women deliver the baby somewhere between 37 and 42 weeks. According to the American College of Obstetricians and Gynecologists, only 5% of babies arrive on the exact due date. Approximately 7% of babies are not delivered by 42 weeks, and when that happens, it is referred to ...Read more
Can you get pregnant if you miss your Depo-Provera shot?
Yes: Don't miss it if you don't want to be pregnant and if you think you may be take a pregnancy test before taking the next shot. ...Read more
Can i be pregnant if i miss my shot yesterday and go get it the next day ?
Unlikely: If you were only one day late on your shot the chances are very slim that you could be pregnant. I would use condoms for backup for the next month to be extra careful. You usually have to be more than 5-7 days late for your shot for that to be an issue. ...Read moreSee 1 more doctor answer
Can I get pregnant if I miss depo shot and not having my period??
Most certainly: O course you can get pregnant as once the depo provera (medroxyprogesterone) medication is out of your blood stream then ovulation can occur PRIOR to any succeeding period flow. ...Read more
Can i get pregnant if i miss getting my Depo-Provera shot.?
Yes: While depo is very long acting, you take a risk getting pregnancy if you miss doses. ...Read more
What is the chance that after 4years on Depo-Provera if I were to miss a shot for the first time that I could get pregnant?
Definitely possible: If you don't want to get pregnant use condoms until you talk to your doctor about getting back on depoprovera. ...Read more
Was on Depo-Provera in 2006. Miss last shot in sept 2010 on purpose. Cycle started in oct 2010. I am reg every 26- 27 days. Will it take long to get pregnant?
Depo is gone now: Your period came back fast; 1 month after missing the last scheduled shot in october. Your fertility is 'back to normal' once your periods returned. At 32, you can try for up to a year, until october 2012, before seeing a fertility specialist (rei) for help if needed. 5 out of 6 couples get pregnant in 1st year trying. Use an ovulation predictor kit, have intercourse 2-3 times a week. Best wishes. ...Read moreSee 1 more doctor answer
If I miss my Depo-Provera shot is there a chance I can get pregnant I missed my shot today. I am planning on getting pregnant would i have a chance?
Depo and pregnancy: It may take a little longer, but you can definitely still get pregnant. ...Read more
My Depo-Provera shot is due next month if i miss it & have sex can I get pregnant what are the chances?
If you stop the Depo: And have intercourse, you are not protected against pregnancy. ...Read more
- Talk to a doctor live online for free
- Miss a depi shot will you get pregnant
- If you are on the depo-provera can you get pregnant if you miss your appointment
- Can you get pregnant if miss depo shot?
- Ask a doctor a question free online
- I missed my depo-provera shot can i get pregnant
- Can i get pregnant if i miss my depo-provera shot?
- Can i get pregnant if i missed my depo-provera shot?
- Can you get pregnant if you miss your period?
- Talk to a obstetrician and gynecologist online


text: Tokyo based clothing label VAINL ARCHIVE was established in 2008. Authentic garments are comprised by modern patterns and designed with Western fashion sensibilities which are all made in Japan. Mixing of the American casual tradition and contemporary Tokyo style which this brand represents became one of the mainstream trends in Japan. Various great stores includes BEAUTY&YOUTH UNITED ARROWS, SHIPS JET BLUE and THE CONTEMPORARY FIX stocks the collection.


text:
Through a disruptive and innovative approach to searching for files, documents and online related content, Ma-box-media will help you find what you are looking for.
Ma-box-media introduces a simple and powerful way of searching for content online. By fulfilling the specific needs of our users, the service is kept unique and the number one tool for finding content online.
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text:
- You Are Here:
- Home
- Government
- Committees, Boards & Commissions
- Economic Development Commission
Economic Development Commission
The five members of the Economic Development Commission meet on the third Wednesday of each month, at 5:30 p.m. Their meeting place is on the second floor of Village Hall.
Meeting Dates
- January 18, 2017
- February 15, 2017
- March 15, 2017
- April 19, 2017
- May 17, 2017
- June 21, 2017
- July 19, 2017
- August 16, 2017
- September 20, 2017
- October 18, 2017
- November 15, 2017
- December 20, 2017
Agendas & Minutes
Agendas are available prior to the meeting. Minutes are available after approval.
All Agendas
Note: If there are business related issues that you would like to discuss, please call 630-430-4300, so we can add your issue to the agenda.
Commission Members
- Nat Rosasco, Chair
- Anthony Oddo
- Dave Casey
- Ben Gulino
- Larry Calvert
The Economic Development Commission prepares and recommends to the Village Board procedures for the planning, execution, and implementation of business district plans, including plans for development of adjacent areas to provide for the housing, social and recreational needs of the business district.
The Economic Development Department serves as the centralized information source for all economic development activities within the village. The director develops and implements economic development programs and strategies, with the objective of assisting businesses in starting, expanding, locating, and relocating within the village.
Powers and duties include; acting as an agent for the village for the purposes of business district development and redevelopment, collecting information on opportunities for business and investment in the village, preparing pamphlets explaining opportunities, outlining village regulations relating to energy conservation and environmental protection, assisting the Village Board to expand the tax base, and assisting in plans to increase the opportunity for village residents to obtain local employment.


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Nick and Vanessa Lachey's daughter will join big brother Camden John who will turn two years old on September 12 this year.
Nick Lachey and Vanessa Minnillo are having a new addition to their growing family. The couple announces on Twitter that they are expecting their second child together, a little less than two years after Vanessa gave birth to their son Camden John.
Nick posted and his wife re-tweeted a picture of their little boy with the phrase "It's a girl" written in the sand at the beach. "Can't think of a better way to celebrate 3 years of marriage to my beautiful @VanessaLachey than this! #family," so he wrote.
Nick and Vanessa met on the set of his music video "What's Left of Me" in 2006. They were engaged in November 2010 and tied the knot in a tropical island ceremony on July 15, 2011. Their son will turn 2 years old on September 12 this year.
He was previously married to Jessica Simpson who just married former NFL player Eric Johnson (II). The newlyweds also have two children together.
Can't think of a better way to celebrate 3 years of marriage to my beautiful @VanessaLachey than this! #family pic.twitter.com/vWwnJoN11H— Nick Lachey (@NickLachey) July 15, 2014


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Sugar curing is a method of preserving pork that also imparts a sweet flavor to the meat. A traditional sugar cure uses light or dark brown sugar, but you can also try other types, such as maple sugar, for a different flavor. You can also add spices, such as red pepper or paprika to deepen the flavor and add color to the ham. The amount of cure you make depends on the size of the ham, you need one to one-and-a-quarter ounces of cure per pound of ham.
Things You'll Need
- 4 lbs non-iodized salt
- 2 lbs maple sugar
- 2 tbsp. paprika
- 2 oz. saltpeter (optional)
- Large mixing bowl
- Large storage jar
Mix the salt and sugar together in a large mixing bowl. Stir until they are completely blended.
Add the paprika and saltpeter to the salt and sugar mixture. Stir until they are completely blended.
Spoon or pour the curing mixture into a large airtight jar or plastic container. Store the curing mixture in a cool, dry place for up to six months, or until ready for use.
Tips & Warnings
- This recipe makes enough curing mixture for a 10-pound ham.
- If maple sugar is not available, use the more traditional light or dark brown sugar.
Related Searches
- "Charcuterie: The Craft of Salting, Smoking, and Curing "; Michael Ruhlman et al; November 2005
- University of Missouri Extension: Country Curing Hams
- Photo Credit Thomas Northcut/Digital Vision/Getty Images
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