4988-22 Special Resolution for Women's Entrepreneurs

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U O K "` r` BILL NO. 22-54 SPECIAL RESOLUTION NO. 4988-22 * % : A SPECIAL RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA COMMEMORATING NOVEMBER 19, 2022, AS WOMEN'S ENTREPRENEURSHIP DAY IN SOUTH BEND, INDIANA AND CELEBRATING WOMEN ENTREPRENEURS WHO PLAY A VITAL ROLE IN STRENGTHENING SOUTH BEND'S ECONOMY 6ifeead women in developed and developing nations alike are contributing to the diversity and inclusiveness of business expansion at a rapid rate and are vital to the growth of local and global economies; and 6Xre Bad, in the United States, according to a 2017 study conducted by the National Association of Women Business Owners, more that 11.6 million firms were owned by women, employing nearly 9 million people, and generating$1.7 trillion in revenue; according to that same 2017 study, women-owned businesses comprised 39 percent of all private firms, contributing an estimated 8 percent of employment across the United States and 4.2 percent of revenue; and 41e, American Express'annual State of Women-Owned Businesses Report 2019—which merges data from the Bureau of Economic Analysis and the Census Bureau-found that 42 percent of all American businesses are owned by women and estimates America's total number of businesses led by women climbed 21 percent between 2014 and 2019 to nearly 13 million operations, while overall business growth in the U.S. was about 9 percent during the same period. Meanwhile, revenues generated by women-run businesses ballooned 21%to $2 trillion, while the jobs they created rose by 8 percent to 9.4 million, both growth totals exceeding the national averages for companies headed by executives of any gender; and Ofigrea4 in Indiana, according to the U.S. Small Business Administration 2021 report women made up 47.3 percent of the workers and owned(187,915)42.4 percent of businesses across the state; and Worea4 according to the most recent United States Census reported in July 2021, 11.8 percent(690) of business in St. Joseph County and 12 percent(239) of businesses in South Bend were women-owned; and 6Xrea4, despite positive growth,the barriers for women-owned businesses, especially minority women- owned businesses,remain real. The U.S. Chamber of Commerce latest survey indicated women-owned small businesses were the hardest hit and since the onset of the COVID-19 pandemic, many women- and minority- owned businesses have closed nationwide, with South Bend being no exception, while the gender wage gap continues to see disparity across Indiana and the United States; and Of/tertad eradicating extreme poverty across our state and closing the gender gap in our nation depends on ensuring inclusive economic growth that reaches typically excluded populations like women and communities of color; and 6 exead Women Entrepreneurship Day is a global movement to recognize and promote the advancement of women entrepreneurs, support women in business by encouraging women leaders, innovators, and entrepreneurs to initiate startups, drive economic expansion, and advance communities worldwide; and Cexead the economic impact of women-owned businesses is undeniable from the trillions they generated via revenue to the millions of jobs they provide and Women Entrepreneurship Day celebrates this and furthermore empowers women and girls to be active participants in our global and local economies and to build a network of women leaders; and �� ra74 Women Entrepreneurship Day is celebrated in the United Nations, in over 144 countries, and annually in the State of New York,the cities of New York, Philadelphia, and Los Angeles; and We d the state of Indiana recognizes and promotes the advancement of women's entrepreneurship throughout our state and nation.