Women-Owned Businesses: A Driving Force for New Job Creation and Business Growth
According to a study recently published by the National Women’s Business Council, 55 percent of all new businesses started between 1997 and 2004 were women-owned, and during the same time period women-owned firms created jobs at three times the national average.
A report published in 2006 by the Small Business Administration’s Office of Advocacy indicated that women owned 6.5 million or 28.2 percent of non-farm U.S. firms. Over 14 percent of those women-owned firms were employers with 7.1 million workers and $173.7 billion in annual payroll.
In Kentucky, between 1997 and 2002, women-owned firms increased 17 percent from 65,965 to 77,159 and represented 25.7 percent of the state’s total businesses in 2002, generating $9.5 billion in revenues.
“We recognize the impact that small and women-owned businesses have on our economy and we’re here to help them by providing guidance and resources for business planning and financial analysis, business funding, and all of the appropriate filings necessary to start a business,” says Marilyn LeBourveau, Business Development Coordinator in the Small and Minority Business Branch.
"The Kentucky Procurement Assistance Program (KPAP) helps Kentucky firms do business with federal, state, and local government agencies by identifying government contracting opportunities. We have a special focus on assisting women, minority and veteran-owned businesses and KPAP’s active client base includes many women-owned businesses in a wide variety of industries such as construction, medical, manufacturing, and communications,” adds Bobbi Carlton, Business Development Coordinator with the Kentucky Procurement Assistance Program.
On July 13, the Cabinet will participate in the 2007 Governor’s Conference on Kentucky’s Women, which is being presented by the Kentucky Commission on Women in Louisville. Dedicated to Kentucky’s Military Women: Past and Present, the Conference will feature nationally known speakers including Shinae Chun, Director, U.S. Department of Labor Women’s Bureau; Colonel Holly M. Stone, United States Air Force; and Dr. Velma Speight-Buford, North Carolina A&T Board of Trustees Chair.
Interesting Facts about Women-Owned Small Businesses:
- In 2005, self-employed women in Kentucky totaled 63,943, an increase of 13.5 percent from 2004.
- In 2005, women represented 32.9 percent of self-employed persons in the state.
- The retail trade sector in Kentucky comprises the highest number of women-owned firms, approximately 23 percent.
- Firms owned by women in the U.S. increased employment by 70,000 in 2005; those owned by men lost 1 million employees; those owned jointly by men and women lost 2.6 million.
A report developed by the Cabinet for Economic Development on Women-Owned Businesses in Kentucky may be viewed at the following link: http://www.thinkkentucky.com/kyedc/pdfs/women97.pdf
For further information or assistance regarding women-owned businesses in Kentucky, please contact the Small Business Services Division toll free at 1-800-626-2250 or visit http://www.thinkkentucky.com/KYEDC/BusStart.aspx.
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