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The Small Business Administration (SBA) Reports Historic Growth in New Business Applications
The Small Business Administration (SBA) has announced a significant milestone, revealing that 18.1 million new business applications have been filed since President Biden took office. This surge represents the most substantial boom in new business filings in the last 25 years.
Impact of Biden’s Policies on Small Businesses
Administrator Isabel Casillas Guzman, who leads the SBA, highlighted the administration’s commitment to fostering small business growth. She stated that the 18.1 million new business applications filed during Biden’s tenure reflect a proactive economic strategy.
Under the Biden-Harris administration, an average of 443,000 new business applications have been submitted monthly. This pace is over 90% faster than pre-pandemic levels, signaling a robust entrepreneurial environment.
President Biden’s focus on economic recovery has propelled the U.S. economy forward, surpassing the business growth rates of the past quarter-century.
Empowering Minority-Owned Businesses
Lael Brainard, Director of the National Economic Council, emphasized the administration’s efforts to support minority entrepreneurs. She noted a historic increase in business ownership among Black and Latino communities.
Since 2019, Black business ownership has more than doubled, while Latino business ownership has grown by approximately 40%. These advancements have contributed to a 60% rise in Black wealth compared to pre-pandemic levels.
Government’s Role in Economic Progress
The Biden administration views government as a tool for promoting economic priorities. By championing small businesses, the White House aims to revitalize local economies and create job opportunities nationwide.
While the administration highlights its economic achievements, it recognizes the importance of media outlets like PoliticusUSA in informing the public about these advancements.
Despite the economic success under Biden’s leadership, challenges remain, including the need to address misperceptions about his accomplishments.
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