Small Business Boom Continues Amid Record Job Creation, Cooling Inflation
Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, released a statement in response to new data showing that an unprecedented 17 million new business applications have been filed under the Biden-Harris Administration.
“President Biden’s Investing in America Agenda has ignited a historic Small Business Boom, as more Americans than ever seek to start a business,” said SBA Administrator Guzman. “With new business applications being filed at a rate well above historical averages, it’s clear that this surge in entrepreneurship is not a coincidence or COVID rebound alone, but rather the direct result of President Biden’s economic leadership and this Administration’s investments in America, which are creating opportunity for more entrepreneurs.”
As the President has said, every time someone starts a new small business, it is an act of hope and confidence in our economy. Since the start of the Biden-Harris Administration, there have been over 17 million new business applications — already the highest recorded under any presidential term. The first, second, and third strongest years of new business application filings have now occurred under President Biden, and we are on track for the highest four years on record.
The monthly average of 440,000 new business applications since the start of the Biden-Harris Administration is 45% higher than the average of the prior four years. The annual growth in new business applications under President Biden is 90% higher than pre-pandemic averages. The surge has featured substantial growth in entrepreneurship among women, Latinos, and Black Americans in particular.
The Biden-Harris Administration’s agenda has fueled this Small Business Boom with historic federal investments, including the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act. With more than 15 million jobs created since the President took office, a historic streak of low unemployment, and cooling inflation, these laws have contributed to an economic recovery unrivaled by any of the world’s major economies – and the rising tide of entrepreneurship has played a crucial role in America’s extraordinary comeback.
For more information about the SBA’s loan programs, financial assistance, and other services, visit sba.gov.