[Congressional Record Volume 144, Number 24 (Tuesday, March 10, 1998)]
[House]
[Page H931]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   ON WOMEN-OWNED BUSINESSES IN CELEBRATION OF WOMEN'S HISTORY MONTH

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentlewoman from Maryland (Mrs. Morella) is recognized for 5 minutes.
  Mrs. MORELLA. Mr. Speaker, as we celebrate Women's History Month, I 
rise to pay tribute to the achievements of businesswomen, both in my 
own congressional district and across the Nation. In Montgomery County, 
Maryland, the district that I represent in Congress, we have one of the 
highest percentages of women entrepreneurs and working women in 
America.
  The growth of women-owned businesses has been extraordinary. Women 
are starting businesses at twice the rate of men according to the Small 
Business Administration. The SBA anticipates that women will own 50 
percent of the small businesses in America in the 21st century. At 
present, there are 9 million women-owned businesses that generate $2.3 
trillion in annual revenues, an increase of approximately 236 percent 
over the last 10 years.
  Women business owners employ one out of every four company workers. 
Women-owned businesses generate more jobs than all of the Fortune 500 
companies combined. According to the National Foundation for Women 
Business Owners, women employers are more likely to offer flexible work 
arrangements, child care subsidies and health care benefits.
  I would be remiss if I did not mention that of the 9 million women 
business owners, 1.1 million are minority women entrepreneurs. Of the 
1.1 million minority-owned businesses, approximately 35 percent are 
owned by African American women; 33 percent by Hispanic American women, 
and 26 percent by Asian American women. Although Native Americans 
represent only 1 percent of the American population, 6 percent of all 
women-minority-owned businesses are owned by Native American women.

                              {time}  1815

  Despite all of their progress, women entrepreneurs still have 
difficulty obtaining access to capital. Women and minorities still only 
receive 5 percent of total loans for major financial institutions. 
Although government agencies and corporations have initiated successful 
minority lending programs to compensate for these shortfalls, much 
still remains to be done.
  On this important day, in celebration of the achievements of women in 
business, I am proud to join with the Business Women's Network in 
saluting the strong trends represented by women's organizations. Under 
the leadership of Edie Fraser, president of BWN, this group provides an 
extraordinary network, bridging together 1,200 business women's 
business and professional organizations.
  BWN has shared some special examples of women helping women:
  BWN has been working with 30 women's organizations to provide 13,000 
jobs for women who have been on welfare.
  Dare to Dream is a special program that provides mentors to girls in 
school.
  The American Women's Economic Development Center, AWED, offers new 
women business owners one-on-one counseling with a successful 
entrepreneur.
  The Association for Women in Science has developed a mentoring guide 
and programs to encourage young women to enter the fields of science, 
engineering and technology.
  Today, more than 52 percent of all web users are women. BWN located 
169 women's resource web sites last year, and that number has now 
increased to 750. From 169 to 750.
  As we look toward the new millennium, it is clear that women will 
continue to be leaders in the business arena. My congratulations to the 
Business Women's Network and the 1,200 women's business and 
professional organizations for their accomplishments in promoting 
women-owned businesses. I salute women in business for their 
outstanding achievements and their contributions to the economic well-
being of America.

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