President Biden and Vice President Harris (Photo/Performance.gov)
By Karen Stokes
Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) released a statement in response to President Biden’s announcement that more than 18 million new business applications have been filed under the Biden-Harris administration.
“Under President Biden, American business owners have demonstrated incredible dynamism, tenacity, and optimism,” said SBA Administrator Guzman. “By leveling the playing field and making historic Investments in America, President Biden has catalyzed an unprecedented surge of entrepreneurship with more than 18 million business applications filed under the Biden-Harris administration to date. Small businesses are bellwethers within our economy, and their meteoric rise under this administration reveals the true strength of the economy that President Biden has built from the bottom up and the middle out.”
Since the Biden-Harris administration took office, 18.1 million new business applications have been filed, averaging 443,000 per month—over 90% faster than pre-pandemic rates. The administration has already marked the first, second, and third strongest years for new business applications on record, and is on track for a fourth consecutive historic year. The U.S. economy has grown more under President Biden than at any comparable point in the last 25 years of presidential administrations.
“We’ve had the three strongest years for new businesses on record and the small business boom that has powered our economic comeback continues. Since the pandemic, Black business ownership has more than doubled, Hispanic business ownership is up 40 percent, and women own a record share of businesses,” President Biden said in a statement.
“I’m fighting for Scranton and Main Street, not Park Avenue and Wall Street,” Biden added.