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Updated on July 6, 2007.

IN MANY WAYS, it's a typical business conference: a hotel near Wall Street, packed with successful entrepreneurs and the bankers who love them. But when a billionaire reveals during a panel discussion a penchant for letting loose with "I'm Every Woman," the signs are evident: This isn't the old boys network. Another sign — this time, a literal one — hangs on the men's restroom door, indicating that it's been converted to an extra ladies room for the day.

The event is the annual roundtable for the Center for Women's Business Research, a Washington, D.C., nonprofit that has studied female entrepreneurs for nearly two decades. The center's research reveals that women now own roughly 10.6 million firms, or nearly half of all privately held businesses in the country. That's a statistic that has hooked banks such as Wells Fargo, KeyCorp and Merrill Lynch, which see women business owners as a ripe market for loans and other financial services. Wells Fargo, in fact, has surpassed $25 billion in lending to female entrepreneurs since starting its Women's Business Services program — the first in the country — in 1995.

Now, the big focus is getting women to grow and expand their companies, an area where female entrepreneurs still lag behind men.

That's attributed to many reasons — from lack of access to venture capital, to a desire by some women business owners to stay small. Less than 3% of women-owned businesses have $1 million or more in revenue, according to the center's research. By comparison, more than twice that percentage of male-owned businesses take in $1 million or more.

But that's slowly changing, says Sharon Hadary, the center's executive director. "It's not just that women are going into business, it's also that they're setting their sights high," she says. "More and more, we are seeing women move into these higher levels of revenue."

More women are also heading up companies in nontraditional areas such as manufacturing, wholesale distribution and transportation. The reason may be simple: These fields can be far more lucrative than businesses that women traditionally have been drawn to, such as retail or service-oriented firms.

Among the speakers at the conference was Marsha Serlin, who started collecting scrap metal in 1978 after her car was repossessed and she had only $200 in the bank. This year, she expects her Cicero, Ill., firm United Scrap Metal to clear $125 million in revenues. "It's not where you start, it's where you end up," she told the crowd.

Another was billionaire Sheila Johnson, who co-founded Black Entertainment Television and now owns a hospitality company. She encouraged the dozens of business owners in the audience to be mentors to young girls. Johnson recalled a story from her youth, when she complained about schoolwork uttering the phrase "I can't do it" and getting the back of her mom's hand. "She said, 'I don't want to ever hear that word coming out of your mouth,'" Johnson remembers. "She was my first role model."

For more information about the Center for Women's Business Research, check out www.womensbusinessresearch.org.

Here's a list of organizations that provide resources, networking and other information or support to women business owners:

Committee of 200
Founded in 1982, this Chicago-based national network capitalizes on the experience of women at the top echelons of business. Its 470 female members represent a broad range of industries. To be a member, a female entrepreneur must own and run a company that earns at least $15 million in annual revenues.

National Association for Women Business Owners
This national professional association, based in McLean, Va., calls itself the voice of America's women-owned businesses. NAWBO provides networking and resources through chapters in almost every metropolitan area of the country. Membership is open to sole proprietors, partners and corporate owners with day-to-day management responsibility.

Springboard Enterprises
This nonprofit out of Washington, D.C., is dedicated to accelerating women's access to the equity markets. The group produces programs that educate, showcase and support entrepreneurs as they seek equity capital and grow their companies.

Make Mine a Million
As the name might indicate, this program has one goal: to help women-owned businesses surpass the million-dollar revenue mark. The annual program selects women entrepreneurs from around the U.S. to receive money, mentoring and marketing opportunities. Candidates are narrowed down through contests sponsored by nonprofit Count-Me-In and American Express's small-business division, OPEN.

Women Impacting Public Policy
WIPP is a national bipartisan public policy organization representing more than 500,000 women in business and women business owners. The group advocates for female entrepreneurs on Capitol Hill.

Women Presidents' Organization
WPO is a nonprofit membership group that provides networking and support to female entrepreneurs who have reached high levels of business growth ($2 million in annual revenues for a product-based business, or $1 million for service-based business). The WPO also sponsors Zenith Group, a program for women-owned businesses with $50 million or more in revenues.

Women's Business Enterprise National Council
This group, called WBENC, certifies 5,400 women-owned businesses with more than 700 major corporations across the country and also a number of federal and government agencies. To qualify, the business must be 51% owned by a woman or women, and provide proof of effective management of the company.

Women's Business Centers of the Small Business Administration
More than 100 centers throughout the U.S. help women start and grow small businesses by providing training in finance, management, marketing, procurement, and other areas.