Joe Biden

Joe Biden Is Leading The Biggest US Small Business Boom In 25 Years

Last updated on June 14th, 2024 at 12:53 pm

The Small Business Administration (SBA) announced that 18.1 million new business applications have been filed since Biden took office, the biggest boom in 25 years.

Small Businesses Are Booming Under Biden

The SBA announced in a press release:

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 President Biden’s announcement that more than 18 million new business applications have been filed under the Biden-Harris administration.

Since the start of the Biden-Harris administration, 18.1 million new business applications have been filed, with an average of 443,000 filed each month—a rate over 90% faster than pre-pandemic averages. Having already achieved the first, second, and third strongest years of new business applications on record, President Biden’s economy remains on track for its fourth consecutive year of historic business filings. The U.S. economy has grown more under President Biden than at this point in any presidential administration in the last quarter century.

There Has Been Historic Growth In Minority-Owned Businesses

Director of the National Economic Council  Lael Brainard told PoliticusUSA during a call with reporters:

Each of the past three years, small businesses have been at the heart of the President’s economic agenda since day one. The small business boom is powering economic comeback stories in towns and cities across America, creating new job opportunities and innovation, and breathing life back into main streets.

Since the President entered office, small businesses have added an average of 650,000 new jobs to our economy each quarter. We’ve also seen a near-historic uptick in business ownership rates for minority-owned business owners. Since 2019, black business ownership has more than doubled, and Latino business ownership has increased by about 40%. Black wealth is up 60% relative to pre-pandemic levels. 

Using Government To Reflect Economic Priorities

Government is a tool, and how that tool is applied and used reflects the priorities of the people working in it. The Biden administration has made expanding economic opportunity one of its main economic goals. As evidenced by this call and many others that PoliticusUSA has participated in with administration officials, the White House is trying to get the message out about their economic accomplishments, but it is up to the free press to inform the American people about the facts.

Biden is leading a small business boom in the United States, but the American people wouldn’t know it if they only watched cable news and read large corporate news outlets.

The economy is booming in many ways, but one of the political obstacles that the President has to confront is a general misperception about his accomplishments.

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Sarah Jones and Jason Easley

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