CNY woman becomes business owner - again

Though she is already vice presi dent of JLR Signs Inc., a billboard construction company, Tracey Ribble wants more. Together with her husband, she is building a new Best Western hotel near the New York State Fairgrounds in Lakeland. She will be the hotel's owner and manager.

"We brainstormed and saw a need for a hotel in the area," Ribble says. "There is nothing west of Syracuse. We definitely saw a need."

The Ribbles bought the property in 1998. In November 2001, the loans were finalized and construction began in December. Ribble expects the hotel to open at the end of June or early July this year. They will still own and operate JLR Signs, dividing their time between the two businesses.

"The area it's in, it seems a good spot for a Best Western," she says. Ribble adds that they chose to go with a Best Western because of the price range for customers. "We don't want to be high-end, but not budget, either," she says.

Starting a franchise presented some opportunities Ribble says weren't there when the other business began. "The national recognition helps," she points out. "All franchises have certain guidelines and requests that they want. It guides us [since we're] not knowledgeable in the industry."

So far, Ribble says the general feedback from the community is pretty positive. "They're very excited that it will be a facelift for the community and have a trickle-down effect," she says."Hopefully, it will inspire other businesses to come to the area."

Ribble says that it was very difficult to get money to fund the project.

"Lending institutions feel hotel ventures are too risky," she adds. "A lot of doors were closed in the beginning."

With a Small Business Administration (SBA) loan guarantee, Ribble was able to obtain a loan from her bank. And, since she is the majority owner of the hotel, Ribble received special counseling the SBA's women's business-owners representative.

Each SBA district has a women's business-owners representative, who directs them to the resources they need. In the case of Syracuse, that's Cathy Pokines, director of marketing and communication at the SBA in Syracuse. "I put them in the right direction," she says. "One thing smallbusiness owners say is they don't know where to go. I listen to where they're at and figure out what would work best for them." Pokines also speaks to various women's groups to alert them to what programs are out there, not just for women but everyone.

Around 500,000 women own their own businesses in New York, according to Pokines. "Women-owned businesses are growing at twice the rate of any other segment," she says. The SBA provides help to women who want to start their own companies.

The SBA provides loan - guarantees through banks, Pokines says, but it's on a nondiscriminatory basis. Women don't have an edge because of their gender. "To get a loan, you have to have the money to pay it back," she adds. "When I'm counseling women, I tell them there are no grants for just startup costs," she points out. "Most women want grants or special programs [for startups], and they're adamant they exist. I'm adamant that it doesn't."

While it can be tough to start a new business from scratch, there isn't much difference between the experiences of men and women, says Lisa Oliver, senior vice president and northeast regional manager of KeyBank Business Banking in Albany. "I don't think there is a difference between what men go through and what women encounter," Oliver says. "Women are still the primary caregivers. They have other considerations outside the business, but it hasn't deterred them."

Ribble agrees. "It is difficult to split time between the current business, an upcoming business, and two kids in school," she says. "[The kids] are my priority, and I let everyone know that."

A major hurdle for women is making the transition from employee to owner, Oliver says. That initial jump causes them to lose benefits, but as she points out, it's pretty hard to be working full time under another company. "It's a leap-of-faith time," she adds.

Though it can be tough, more and more women are making the jump and joining the ranks of small-business owners because of the flexibility, Oliver says.

"They like the flexibility of running their own business," she adds. "It's a desire to flex their skills and realize their dream."