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OPA News Release: [09/23/2003]
Contact Name: Yvonne Ralsky
Phone Number: (202) 693-4676

Secretary of Labor Elaine L. Chao Addresses Businesswomen at Women’s Entrepreneurship in the 21^st Century Summit

TAMPA—U.S. Secretary of Labor Elaine L. Chao today addressed thousands of businesswomen at the Women’s Entrepreneurship in the 21^st Century Summit in Tampa, Fla. In her keynote speech, the Secretary highlighted the achievements of businesswomen and the Administration’s efforts to continue and strengthen the economic recovery. Secretary Chao also announced that the Department of Labor has surpassed the Congressional mandate of a five percent goal and last year awarded 5.14 percent of its $1.64 billion procurement dollars to women-owned small businesses, that amounts to $84 million in new contracting opportunities for women-owned small businesses.

“The President recognizes that women entrepreneurs and owners of small and medium-sized businesses are an integral part of the engine that drives job growth in our economy. This Administration is committed to helping women entrepreneurs access new opportunities, grow your businesses and create more jobs,” said Secretary Chao. “Our country needs your entrepreneurial energy, your creativity, and your dreams which create hope and opportunity for so many people.”

Women entrepreneurs are a driving force in today’s economy. They are shaping and redefining the workplace, business networks, financial institutions, and our culture. According to the National Women’s Business Council, today there are 6.2 million solely women-owned businesses employing 9.2 million workers and generating $1.2 trillion in sales. The number of women-owned businesses has been growing rapidly—by 14 percent just since 1997. Employment in these businesses expanded by 30 percent over that time, compared with 18 percent for all businesses combined.

Women business owners face unique challenges to growth, long-term viability and financial health. The summit is designed to help businesswomen network with their peers and gain valuable tools and insights from each other’s experiences. Attendees learn how to access capital, market themselves to corporations, bid for federal contracts and address challenges in the 21^st Century workplace.

The summit is sponsored by the U.S. Department of Labor, U.S. Small Business Administration and the Center for Entrepreneurial Excellence.

For more information on the Department of Labor, www.dol.gov.

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