Amidst the Biden-Harris Administration, there has been a surge in new small business applications, with more than 17 million applications nationwide. In Pennsylvania alone, there have been over 1.3 million new business applications since President Biden took office. This increase in small business applications is viewed as a positive sign for entrepreneurs and the economy as a whole.
SBA Mid-Atlantic Regional Administrator John Fleming expressed his excitement about the growth in small business applications, stating that it will lead to more jobs, higher living standards, and better opportunities for everyone. The monthly average of new business applications under the Biden Administration is 45% higher than the previous administration, with a 90% increase compared to pre-pandemic levels.
The rise in new business applications is particularly notable among women, Latinos, and Black Americans, indicating a trend towards increased entrepreneurship in these communities. President Biden’s economic leadership and the Administration’s investments in America have been credited with fueling this surge in entrepreneurship, creating opportunities for more aspiring entrepreneurs.
The Biden-Harris Administration’s agenda includes federal investments such as the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act. These investments have contributed to the small business boom and the creation of over 15 million jobs since President Biden took office. This historic growth in new business applications is seen as a direct result of the Administration’s efforts to support small businesses and stimulate economic growth.
