The Biden administration has witnessed a significant increase in U.S. small business applications since the president took office. With over 17 million new filings, this historic boom was hailed by the U.S. Small Business Administration under Isabel Casillas Guzman as a monumental achievement.
During the first three years of his presidency, an average of 440,000 new business applications were recorded each month. This was announced by the federal government earlier this year, highlighting the positive developments in small business growth and entrepreneurship under the Biden administration.
In March, Vice President Kamala Harris announced that the administration had a goal of increasing federal contracts for minority-owned businesses by 50%. This pledge was made during an event focused on small business growth in North Carolina, alongside record job creation and “cooling inflation.”
A recent report from the Bureau of Labor Statistics revealed a significant increase in U.S. producer prices over the 12-month period ending in March, with the largest year-over-year jump since April of the previous year. Census Bureau data showed that the number of new business applications over the past year totaled a record 5 1/2 million under the current administration, bringing the total since Biden took office to 16 million.
Furthermore, data from Scripps News illustrated growth in Black-owned businesses from 2017 to 2020, with a 13% increase in the number of businesses and a 43% rise in revenues over the same period. These trends demonstrate positive developments in small business growth and entrepreneurship under President Joe Biden’s leadership.
In conclusion, President Biden’s administration has seen remarkable progress in U.S. small business growth and entrepreneurship since he took office less than two years ago.
