[Congressional Record Volume 144, Number 29 (Tuesday, March 17, 1998)]
[Extensions of Remarks]
[Page E396]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 REMARKS ON WOMEN SMALL BUSINESS OWNERS

                                 ______
                                 

                               speech of

                         HON. CAROLYN McCARTHY

                              of new york

                    in the house of representatives

                        Tuesday, March 10, 1998

  Mrs. McCARTHY of New York. Mr. Speaker, I rise this evening in 
support of women business owners, particularly small business owners on 
Long Island. Small Businesses are the backbone of the economy in my 
district on Long Island. As of 1996, there are over 527,000 women-owned 
businesses in New York, employing nearly 1.4 million people and 
generating $205.6 billion in sales. Since 1987, Census figures indicate 
that the number of New York women-owned firms increased by 39%, 
employment increased by 78% and sales grew by 100%. Women owned firms 
account for over one-third (36%) of all firms in New York, provide 
employment for 26% of New York's workers, and generate 14% of the 
state's business sales. I am proud to inform you that New York ranks 
third out of the 50 states in the number of women-owned firms as of 
1996, second in employment, and second in sales.
  These statistics indicate the enormous power of women in the small 
business community. And the benefits to women are not only financial. 
Women-owned businesses are more likely than all businesses to offer 
flex-time, tuition reimbursement, and, profit sharing as employee 
benefits. And by owning their own business, women gain control over 
their own fate. This sense of pride and self-sufficiency are vital as 
more former welfare recipients move into the workforce.
  We need to encourage this dynamic and innovative segment of the 
business economy. While women owned businesses have made significant 
strides, they still face many obstacles. Yesterday, I attended a public 
affairs breakfast hosted by the Long Island Chapter of the National 
Association of Women Business Owners. This association, along with 
others like the Women Economic Developers of Long Island, plays an 
important role in encouraging women small business development. As we 
discussed at the meeting, the major problem women business owners face 
is the lack of capital investment available to them. As a member of the 
Small Business Committee, I am working hard to expand capital 
investment opportunities to women business owners. I was pleased that 
the Small Business Association's 1999 budget request contained 
significant increases for the microloan program, the traditional 
funding source for women entrepreneurs. In addition, the budget 
requests increased funding for Women Business Centers. These centers 
were established in 1988 as a demonstration project to provide long-
term training, counseling and technical assistance to socially and 
economically disadvantaged women and have been very successful. We need 
to expand these centers so that women across the country have access to 
these important resources.
  Mr. Chairman, small business is the future of our nation's economy 
and women are at the forefront of this field. It is our responsibility 
to encourage and expand women's business opportunities as they lead 
small businesses into the 21st century.




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