The Small Business Administration (SBA) announced that 18.1 million new business applications have been submitted since Biden took office, the largest boom in 25 years.
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Small businesses thrive under Biden
The SBA announced in a press release:
Today, Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice of America’s more than 33 million small businesses in President Biden’s Cabinet, released a statement in response to President Biden’s announcement of more than News that 18 million new business applications have been approved.
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Since the Biden-Harris administration took office, 18.1 million new business applications have been filed, averaging 443,000 per month, more than 90% faster than the pre-pandemic average. President Biden’s economy remains on track for a fourth straight year of historic business filings after already having its first, second and third strongest years ever for new business filings. The U.S. economy is growing faster under President Joe Biden than under any presidential administration in the past quarter-century.
Minority-owned businesses experience historic growth
National Economic Council Director Lael Brainard told PoliticusUSA during a call with reporters:
Over the past three years, small businesses have been at the center of the President’s economic agenda since Day One. The small business boom is driving economic recovery in cities and towns across America, creating new jobs and innovation and breathing life into Main Streets.
Since the President took office, small businesses have added an average of 650,000 new jobs to our economy each quarter. We’ve also seen a near-historic increase in business ownership rates among minority business owners. Since 2019, Black business ownership has more than doubled, and Latino business ownership has increased by approximately 40%. Black wealth has increased by 60% compared with pre-pandemic levels.
Use government to reflect economic priorities
Government is a tool, and the way that tool is applied and used reflects the priorities of the people who work in it. The Biden administration has made expanding economic opportunity one of its key economic goals. As evidenced by this call and many others that POLITICO America has participated in along with administration officials, the White House is trying to convey a message about its economic achievements, but the onus is on the free media to inform the American people of the facts.
Biden is leading a boom in America’s small businesses, but Americans wouldn’t know it if they only watched cable news and big corporate news outlets.
The economy is booming in many ways, but one of the political obstacles the president must face is widespread misunderstanding of his achievements.
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