Russian women tour local businesses

They hope to use ideas to help startups at home

Eight women business leaders from Russia are touring Huntsville for a week of intense immersion in small business entrepreneurship as part of an Open World program on Women in Economic Development.

The Open World Leadership Center sponsors foreign exchange programs that have brought more than 12,000 community leaders from all of the Russian Federation's 86 regions. The mission of Open World is to give leaders in Eurasian countries exposure to America's democratic government and free market economy.

The delegates said they appreciated the comprehensive approach to small business in America. There are government programs in place to educate entrepreneurs, provide loans for startup capital and even provide contract opportunities for small businesses.

Alfiya Bayburina, the CEO of Volzhaskaya Media Co., said she wanted to learn how government grants work in America, but discovered instead that she could turn the process upside down. As a result of this trip, Bayburina realized that small businesses can be good investments for her company.

Volzhaskaya is part of a network that includes seven television and three radio stations and a weekly newspaper. The company used money from a government grant to start a children's magazine.

Olga Rakitova, the deputy director of Bank Stroycredit, said her company already helps fund small business in Russia.

The company provides loans for small businesses and handles the paperwork for applying for a government grant. Rakitova said her goal is to help create a Russian equivalent to the Small Business Administration.

Money was not the only focus of the program. Open World also focuses on leadership skills, charitable works and accountable governance.

The delegates said they were impressed by the social workers and volunteers they met with during the week and by the openness of government officials.