Since President Joe Biden took office, the United States has seen a surge in new small business applications with more than 17 million applications, according to the White House. This represents an increase of 440,000 average monthly new business applications during the first three years of his administration. The head of the U.S. Small Business Administration, Isabel Casillas Guzman, referred to this as a “historic small business boom.”
During an event in North Carolina focused on supporting small businesses, Vice President Kamala Harris announced the administration’s goal of increasing federal contracts for minority-owned businesses by 50%. This move was emphasized as a commitment to record job creation and addressing inflation.
Recent data from the Bureau of Labor Statistics showed that U.S. producer prices experienced their largest year-over-year increase since April of the previous year. Meanwhile, the Census Bureau reported a significant increase in Black-owned businesses between 2017 and 2020, with revenues growing by 43% between 2017 and 2021. These trends indicate a positive outlook for small businesses, particularly those owned by minorities.
