Greetings Ceosisters !
Ceosisters, back in 2000 I testified before the Committee on Small Business, Subcommittee on Government Programs and Oversight. This committee has the responsibility of ensuring compliance and equity in administration of government programs and policies relative to small business. My testimony was intended to highlight to the Committee the progress and reality of women in business specifically our ability to secure financing to start up businesses and to find capital to grow and enhance our businesses.
If you have read the testimony and have followed the record of the finance industry and the SBA since then you are well aware that we have made some progress but are still far from equity in lending and support. In fact although women are starting businesses at an astonishing pace we are still behind men in the granting of loans for our businesses in the private sector and with the SBA. Additionally our ability to secure government contracts is also well below our representation even with specific programs targeted to "fix" the problem and ensure equity. Following are some of the relevant statistics...you be the judge.
From 1997-2006 Women Owned Businesses
- Grew at twice the rate of all U.S. firms 42.3% vs 23.3%
- Sales grew 4.4% with annual sales of $1.9 Trillion
- Employed 12.8 million people
- Representing 40.2% of all businesses in U.S.
- Received $11.6B in federal contracts (a rate of only 3.4% of all federal prime contracts)
- Women are still depending on non traditional financing (credit cards, family and home equity loans) to fund their businesses
Although our participation in the entrepreneurial ranks is strong our ability to compete fairly is less than equitable. There remains a degree of gender discrimination and stereotyping, lack of equality especially in certain industries and the expectation that as women we not only must keep the business going but also hold down the job at home; in many cases singlehandedly. As a result, women entrepreneurs still feel very frustrated, disenfranchised and wondering when we will actually see our fair share. My hope is that this will begin to right itself in the near future.
Most of the data available is as current as 2006 and 2007; hopefully the conclusion of the 2010 census and the publication of the results will yield much more significant progress. With the economic downturn, the number of women starting businesses and or expanding business has skyrocketed and one would hope that the accompanying support would be available to assist in the startup and success of these ventures. Clearly we must receive greater support if the U.S. is to turnaround our economy.
Ladies, please do not give up....we must continue to have a strong voice and to do what is necessary for our families and our communities. Opportunities abound especially in some of the hot industries such as home services, the green industry, children's services, and baby boomers and senior services.
Please continue to reach out to one another and to let your city, state and federal officials know that we cannot and will not be ignored. Fair is fair......
Suzane Parker
Publisher
