Speeches by Secretary Elaine L. Chao

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Remarks Prepared for Delivery by
U.S. Secretary of Labor Elaine L. Chao
Women’s Entrepreneurship in the 21^st Century Conference
Cleveland, Ohio
Wednesday, March 10, 2004

Thank you.

Good morning, everyone, and welcome to the Women’s Entrepreneurship in the 21st Century Summit—this is our 5^th one! And I can’t think of a better place to have it than Ohio.

It’s great to have my co-hosts here for this event—Hector Barreto, Administrator of the Small Business Administration. He is doing a tremendous job for women entrepreneurs! And we have the Lieutenant Governor, Jennette Bradley.

We could not have put this event together without our terrific partners: Terry Neese, President of Women Impacting Public Policy; Marsha Firestone, President of the Women Presidents’ Organization; Karen Kerrigan, President of WE Inc.; Susan Phillips Bari, President of the Women’s Business Enterprise National Council; and Julie Weeks, Executive Director of the National Women’s Business Council.

And I want to thank Karen Czarnecki, Director of the Office of the 21^st Century Workforce at the Labor Department, and her staff for their hard work in putting this all together. They are proof of the old saying that if you want something done right—ask a woman to do it!

We’ve assembled a powerhouse of speakers and an exciting agenda for you—and I hope you’re having a good time. A little later on, we’ll hear from the President—he has a special message that I know you will want to hear.

We’re here today to help you invest in yourself, grow your business and realize your dreams.

I’ve been talking to women entrepreneurs for the past three years and each time it is an inspirational experience. You are creating jobs, hope and opportunities in your community.

You will hear these numbers a lot during this conference, but they’re worth repeating: nationally, women-owned businesses are growing at twice the rate of all U.S. firms. You’re not only growing in numbers, but in strength. Women-owned businesses with $1 million or more in revenues are growing at twice the rate of all comparably sized firms. And many of these new women-owned businesses are in sectors that you might not expect, such as construction, finance and transportation.

These milestones are proof that nothing is off-limits to the limitless talents of women.

Here are some of the things that women business owners have told us at these summits:

• Women-owned businesses are here to stay—many of the women attending these conferences have been in business for more than 5 years.
• Many women go into business for themselves because they value time with their families and communities and they want the freedom and independence of working for themselves.
• Women are second to none as competitors—when they start a business, women tell us they want to become major players in their communities and chosen fields.

Women also identified peer networks, mentors and informal training seminars like this one as crucial to success. That’s what this event is all about. It will give you the opportunity to hear from women who have made it, to network with women who can help you, and to be inspired by others to keep pursuing your dreams.

There are panels on access to capital, affordable health care for employees, government procurement, corporate networking and growing your business through exporting and marketing.

We want to help you to dream big! There are representatives from Key Bank here in Cleveland, which recently co-sponsored a study on women entrepreneurs who have led the way in building million-dollar businesses. Their study confirms that women can and do play in the big leagues—it’s not just for men anymore.

The study found that women who achieved this milestone often sought out big clients, including the government and Fortune 500 corporations. That’s why we have government procurement experts at this seminar. We also have representatives from organizations that certify women-owned business and help them connect with corporations looking to diversify their vendors. And we have a special booth set up to help you get on the GSA procurement schedule, which can help you qualify to compete for government contracts. Don’t miss these opportunities to learn more about these pathways to growth.

I’m very proud that President George W. Bush has taken the lead in leveling the playing field for small businesses in government contracting. One of the President’s first reforms was an Executive Order mandating competition in government services and contracts and unbundling of large federal contracts whenever possible.

The Labor Department is doing its part to follow the President’s lead. Last year the Department awarded $72 million in procurements to women-owned small businesses. The DOL small business Web site is www.dol.gov/osbp.

Another issue that we hear a lot about is health care. Recently, I spoke with women business owners in Richland, Oregon, when Secretary of the Treasury John Snowe, Secretary of Commerce Don Evans and SBA Administrator Hector Barreto and I traveled to the Pacific Northwest. Whether it’s the east, the west or here in the heartland, women businesses owners tell us that affordable health care is one of their highest priorities and greatest concerns. That’s why this Administration is backing association health plans as a way to close the coverage gap and make health care more affordable for small businesses and their employees.

We know that Ohio has its own version of association health plans. But regardless of which plan you support, we can all agree that more needs to be done to close the coverage gap for America’s workers. That’s why we’re here to listen to you and work with you to get more affordable insurance into the hands of small business owners.

Health insurance is not the only economic issue on the minds of everyone here. Because of President Bush’s leadership, our nation is safer from terrorism; consumers and businesses have more confidence; and the economy is getting stronger every day. The pace of the recovery is encouraging, although job creation is slower than we would like. But we should never lose confidence in ourselves or ignore the positive signs that are out there.

Mortgage rates are at their lowest levels in 40 years. Inflation is negligible. Exports increased 21 percent last quarter, which means we’re selling more goods abroad and creating more jobs for Americans here at home.

Nationally, our economy has been growing at a brisk pace—in the third quarter the GDP rate grew at a phenomenal 8.2%. In the most recent quarter, the rate was still a very strong 4.1%. And while the national unemployment rate has declined to 5.6 percent—lower than the averages of the 1970s, the 1980s, and the 1990s—we know that Ohio is facing unique challenges and many workers here still need help.

This Administration has tremendous resources available to help Ohio’s workers and we want them to access these assistance programs. There are 92 comprehensive One-Stop Career Centers throughout the state that can help workers gain new skills and access numerous support services, including childcare and transportation while in training. That’s why President George W. Bush signed the most generous Trade Adjustment Assistance package ever, which provides:

1. Up to 104 weeks of training
2. Up to 104 weeks of job search
3. Up to 104 weeks of income support including child care expenses and transportation and relocation expenses.
4. Assistance with up to 65% of a worker’s health insurance expenses, and
5. For workers over 50, who take a job that pays less than their previous job, the Government will subsidize 50% of the wage differential.

These One-Stop Career Centers are part of a nationwide network of 3,500 local one-stops throughout the country that are also a resource for employers and can help you connect to a skilled labor pool. They are part of $23 billion, 31 job-training and employment programs throughout the federal government. Retraining is key to helping workers get the skills to meet the needs of the 21^st Century workplace. That’s why the President announced a $500 million new job-training program in his State of the Union address—the Jobs for the 21^st Century Initiative. It will expand the ability of community colleges right here in Ohio to train workers for jobs in high-growth industries and link them with employers looking for workers. That’s why the President visited Owens Community College in Ohio earlier this year—to highlight part of a $9 million Labor Department program to train dislocated workers for a new advanced manufacturing occupation called Integrated System Technologist.

Some of the other industries experiencing robust growth include health care, financial services, automotive services, geospatial technology, biotechnology, education and hospitality. Nationally, we will need 1 million registered nurses alone by 2010; and health care has added jobs in Ohio during the past year.

This Administration knows that isolationism will not create jobs. It will only invite retaliation, which could threaten the jobs of the 242,200 workers in Ohio who are employed by U.S. subsidiaries of foreign-owned companies. The solution is to retrain our workers and remake our companies so they can succeed, grow and create more jobs right here in Ohio.

America is a great country because we have always believed in ourselves and our ability to confront challenges head on.

That energy, creativity and ingenuity are right here in this room with women entrepreneurs who are putting themselves on the line every day to create new hope and opportunity for others.

So thank you for everything you are doing and for being here today. Enjoy the conference. God bless you and God bless America.

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