In the first year of President Joe Biden’s administration, there were over 17 million new small business applications in the United States. This was announced by the White House and described as a “historic small business boom” by Isabel Casillas Guzman, the head of the U.S. Small Business Administration.
The Biden administration has set a goal to increase federal contracts for minority-owned businesses by 50%, as announced by Vice President Kamala Harris at an event in North Carolina focused on small business growth. The report from the Bureau of Labor Statistics showed a record 5.5 million new business applications in the last year alone, bringing the total under the current administration to a record-breaking 16 million.
These achievements were highlighted by data from multiple sources, including job creation and “cooling inflation.” However, despite these positive trends, there was also evidence of ongoing efforts to support and promote entrepreneurship among diverse business owners in America. The Census Bureau reported a 13% increase in Black-owned businesses between 2017 and 2020, with revenues jumping by 43% between those same years. These positive trends reflect the ongoing work of the Biden administration to support small businesses across all communities and industries.
