More women than ever are striking out on their own. A recent survey found that 72 percent of women want to start their own business, and in 2024 nearly half of all new businesses were launched by women—a stunning 69 percent increase from 2019.
The reasons are clear: the chance to be their own boss, to shape their work environment, and to control their hours. But the road is far from smooth. Women entrepreneurs often face an uphill battle securing funding. Banks hesitate to lend without a proven track record. Investors, too, are wary. And hiring expert advisors—often critical to getting a business off the ground—is expensive.
That’s where Vicki Weiner stepped in.
In 2013, after a long and successful career in finance and public relations, Vicki founded the Women’s Enterprise Action Loan Fund, an organization dedicated to helping women entrepreneurs not just survive, but thrive. Her vision was simple but powerful: provide women with the capital they can’t get elsewhere, pair them with mentors who know the terrain, and build a supportive community that sustains them long after the first loan is repaid.
To celebrate the organization’s ten years of transformative relationships an exhibition titled “Making It: Portraits of Women Entrepreneurs and WEALF Mentors” will be on view October 22–25 at the Oculus Center in Manhattan. The exhibit features striking portraits by acclaimed photographer and photojournalist Claire Holt, whose work has appeared in The New York Times, The Chicago Tribune, The Los Angeles Times, Newsday, and the Associated Press.
Vicki Weiner (Photo Credit: Amy Fronczkiewicz of afpistudio)
“We don’t just hand out checks,” Vicki explains about how WEALF functions. “We create a network: a place where women who were told ‘no’—by banks, by investors, by the system—can finally hear ‘yes.’ And once they have that opportunity, they do the rest.”
The numbers prove her right. Since its founding, the fund has loaned over $1 million to women across New York State, with an astonishing repayment rate of over 90 percent—a figure most lenders would envy. The first loans were modest, around $5,000, but today some women can secure up to $15,000 to grow their businesses.
As businesses grow, many women return for additional support. While the first $5,000 loan is interest free, WEALF offers second, third, and even fourth loans, at a modest 3 percent interest rate. “The board felt it was important that women learn the value of borrowing and repaying capital,” Vicki explained.
The ultimate goal is to make these entrepreneurs creditworthy in the wider financial system, so they can eventually access traditional funding sources. And that vision is becoming reality. Some participants, once unable to secure even the smallest loan, now run businesses generating impressive revenue. One entrepreneur reached $1 million in sales last year, while others consistently surpass $500,000 annually.
“Our aim isn’t to create the next Apple,” Vicki said. “It’s to help women build sustainable businesses that support themselves and their families, giving them financial independence and long-term stability.” Vicki said that 50 percent of the women who apply to the program are interviewed by a committee consisting of women with extensive business experience. Applicants have to demonstrate that they have already launched a business and have been running it for at least six months. “We don’t accept women who just say, `I have a business plan and I need money,’” she said. “They have to be all in because we’re all in.”
WEALF lends exclusively to women in New York, since its partner, Accompany Capital, is a certified lender restricted to the state. Far from being a limitation, the demand in New York alone has been more than enough to sustain the program.
“The most important update is that we’ve applied for our own 501(c)(3),” said Vicki. “While we still use our fiscal sponsor to make loans, having our own designation will allow us to access funding opportunities that are currently out of reach. Right now, we have tax-exempt status through Accompany Capital, but that’s not the same as holding our own 501(c)(3), especially when it comes to applying for grants and raising money.”
WEALF has already received its EIN number and submitted the application recently. “I’m hopeful we’ll be approved soon,” she said. “This is a major step forward for us. We made the decision after surpassing $1 million in lending—we felt that milestone proved our program is working and that the women we serve truly deserve broader attention. Now it’s time to move to the next stage.”
But what sets the fund apart isn’t just the money. It’s the mentorship and community. Each woman is paired with a mentor—a seasoned professional who volunteers her time to guide, advise, and cheerlead. Many of the entrepreneurs stay involved even after paying off their loans, finding value in the education programs, networking, and friendships they’ve built.
Claire Holt
It’s those friendships that will be highlighted in the October exhibition with Claire Holt’s photos. Vicki Weiner’s connection with Claire began in the most ordinary of ways—on neighborhood walks with their dogs. But when Vicki viewed Claire’s recent exhibition, “UNBOUND: Celebrating Women Writers,” she saw an opportunity, capturing the spirit of WEALF’s women entrepreneurs and their mentors in the same way.
“Claire makes people feel comfortable enough to talk,” Vicki said. “She’s able to help them reveal their passions so that when she photographs them, their personality comes through. And part of what I wanted to accomplish with the exhibit was that it has not been easy for any of these women, because we’re dealing with the population of women who everybody said no to.”
The women in the program are as diverse as New York itself. There’s a Harlem dog groomer who grew her business into nearly a million dollars in annual revenue. A Brooklyn toy store owner building a loyal neighborhood following. A single mom whose subscription kits introduce children to world cultures. A designer selling European shoes from her home.
What unites them is not just grit, but a shared desire to take control of their futures. “Many of our women are single mothers. They don’t have family money to lean on. But they’re smart, capable, and determined,” said Vicki. “Once they’re given the tools and support, they soar.”
The fund’s mentors, too, form a remarkable sisterhood. Some are still running their own businesses, others are retired executives, but all give generously of their time. “It’s not about profit,” Vicki said. “It’s about the pride of watching someone succeed, knowing you’ve helped open the door.”
For Vicki, the journey from Wall Street to women’s advocate was unexpected. She never set out to create a “Shark Tank” for women. Instead, her mission grew out of listening—first to women who couldn’t get hired back after the 2009 financial crash, and later to those who had great business ideas but nowhere to turn for help.
Now, more than a decade later, her loan fund has grown into a vibrant community where women champion one another, mentors share hard-earned wisdom, and new businesses take root against the odds.
“When women succeed,” Vicki reflected, “it ripples out—to their families, their neighborhoods, and the economy as a whole. Our job is to say: yes, you can. And then stand beside them while they prove it.”
For more information, go to the website for the Women’s Enterprise Action Loan Fund.
Top: Vicki Weiner and Roshanak Yousefian, owner of Popilee Patisserie. Photo by Claire Holt
