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Remarks Prepared for Delivery by
U.S. Secretary of Labor Elaine L. Chao
Women's Business Enterprise National Council
Eisenhower Executive Office Building
Washington, D.C.
Wednesday, March 24, 2004
Thank you, Susan [Phillips Bari, President, Women's Business Enterprise National Council] , for that kind introduction. And thank you for the leadership you give to women business owners all across this great country.
I would also like to recognize Melanie Sabelhaus, the Deputy Administrator of the Small Business Administration.
And it's good to see so many leaders from the mainstream of American business at this event honoring women entrepreneurs. Thank you for coming … especially as we observe Women's History Month.
I've been talking to women entrepreneurs for the past three years and each time it is an inspirational experience. They take enormous risks to follow their dreams and implement their innovative ideas. As a result, they are creating jobs, hope and opportunity all over America.
In fact, women-owned businesses are growing at twice the rate of all U.S. firms. They are growing in numbers as well as in strength. Women-owned businesses with $1 million or more in revenues are growing at twice the rate of all firms of similar size. And many of these new women-owned businesses are in sectors that you might not expect, such as construction, finance and transportation.
These milestones prove that nothing is off-limits to the limitless talents of women.
Women are second to none as competitors. They tell us that when they start a business they want to become major players in their communities and chosen fields. And, as you can see, reaching out to women-owned businesses is a win-win situation.
The Department of Labor recognizes this as well. Last year, the Department awarded $72 million in procurements to women-owned small businesses.
In a more practical way, the Department has hosted five Women's Entrepreneurship for the 21st Century Summits. I'm so pleased that Susan Bari and her team have been partners with us in these conferences.
At these summits, women business owners learn how to access seed capital; apply for government contracts; engage in networking; and grow businesses through exporting and marketing. And Women Business Enterprise has hosted very effective panels on certification and networking at these summits.
More than 1,200 women participated in the Summit we hosted two weeks ago in Cleveland, Ohio. If we learned anything that day it was this: Women business owners are eager to learn and are highly motivated. They want to build and establish their companies to rank among the best.
While we're here today, I'd like to touch upon the health of the U.S. economy, which is so important to all business owners, especially small businesses owners.
Thanks to the economic leadership of President George W. Bush, our economy has turned the corner and is getting stronger every day. Interest rates are at 40-year lows. Productivity growth rates last year surged to the highest annual levels in 50 years. Consumer spending, wages and benefits are all up.
Although jobs are not being created as fast as we would like, we must never forget that the national unemployment rate of 5.6 percent is lower than the 1970s, 1980s and 1990s. So much of that is due to small businesses, which are the engine of job creation in our country. So the work of Women's Business Enterprise is vital. As women-owned businesses are certified, they are able to grow and create new jobs more quickly.
The president has said he will not be satisfied until every American who wants a job can find one. That's why he has a plan to keep our economy moving upward.
The President's plan is focused on reducing the excessive regulation, taxation and litigation that is stifling job creation and inhibiting economic growth. His plan will improve access for small businesses and their employees to quality, affordable health care. It will ensure a stable energy supply and make the tax reductions permanent so families and businesses can plan for the future. All of these initiatives will help the economy grow and create more jobs.
And since I mentioned it, let me add something further about health care. Recently, I spoke with women business owners in Richland, Washington, when Secretary of the Treasury John Snow, 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 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. We are committed to making health care more affordable for small businesses and their employees.
Women-owned businesses are here to stay. They have proven they can deliver. And they can compete at the highest levels. So thank you for everything you are doing to tap this tremendous resource.
And congratulations on the awards you will receive today.
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