A major challenge for women entrepreneurs has been lack of access to financing, says Nancy Porzio, district director of the U.S. Small Business Administration’s Seattle District Office.

This critical challenge, opportunities and public policy measures facing women in business will be discussed at the “Seattle Women Entrepreneurs Summit” noon to 5 p.m. Saturday at Renton Technical College.

“It’s been pretty constant anywhere from lines of credit to fixed-rate loans to cover the cost of inventory or equipment, things like that, just all aspects of business financing,” said Porzio about the lack of access.

Porzio will attend the summit, along with Ana Harvey, assistant administrator for Women’s Business Ownership, U.S. Small Business Administration. Laurie Simon, founder and CEO of Kirkland-based Ombrella Consulting, and Audrey Godwin of The Godwin Group of Renton will be among the panelists and moderators.

The summit will set priorities and explore business challenges facing women entrepreneurs, promote dialogue among the women’s business community, guide national policy recommendations for Congress and the Executive Branch and provide networking opportunities for women business owners.

Porzio said women entrepreneurs have dealt with the lack of access to financing by being very creative and self-financing through loans from family, friends and by using credit cards. She said women have made it work, although it’s expensive and they have to be aggressive about approaching lending institutions and be prepared.

“That’s really where SBA comes into play,” Porzio said. “We have so many programs that will help them prepare for a meeting with the banker. I think that, that’s probably the best way we can overcome this problem.”

The SBA has a number of resources for women entrepreneurs like the summit and the Small Business Development Centers. There is one in Renton located at Renton Technical College.

Porzio wants women to know there are trained staff in the business centers able to “help them develop their financial statements to better understand how they work, to help them prepare for meetings with bankers, just to work on their business plans, just get the whole idea of their business down on  paper.”

In King County there are 51,154 female-owned firms out of 165,089 firms, according to the U.S. Small Business Administration.

Women’s Summit

WHAT: The U.S. Small Business Administration is hosting a free summit for women entrepreneurs.

WHEN: Noon – 5 p.m., March 5

WHERE: Renton Technical College, 3000 N.E. Fourth St., Building C, Blenco Auditorium

REGISTER: Registration is required at http://events.sba.gov/eventmanagement/eventlisting.aspx?state=WA