Jan. 10 (UPI) — The White House said Friday a record 21 million new business applications were filed during the Biden administration’s term.
Federal agencies also awarded a record $183 billion in federal contracting opportunities for small businesses, as well as $78 billion to small disadvantaged businesses.
“Starting a small business is an act of hope and confidence in the economy,” President Joe Biden said in a statement. “During my administration, American entrepreneurs took the first step in this journey in record numbers, filing 21 million new business applications — more than during any other presidential administration on record.”
The White House said small businesses are the engine of the American economy, they powered the economic recovery and they make the American economy the strongest in the world.
“The Biden-Harris administration has overseen for the fastest rate new business applications on record with entrepreneurs filing an average of over 440,000 applications every month, a rate over 90% faster than pre-pandemic averages,” the White House said in a statement. “This historic wave of entrepreneurships is happening in communities across the country — with the most new business applications in any presidential administration on record.”
Since the federal government is the largest purchaser of goods and services in the world, according to the White House, it plays a role in creating business opportunity for entrepreneurs.
“They account for more than 40 percent of GDP, create around two-thirds of new jobs, and employ nearly half of all private sector workers,” the White House statement said of small businesses. “The Biden-Harris administration has stood firmly behind small businesses.”
According to the White House, business ownership has doubled among Black households and hit a 30-year high for Hispanic households.
During Biden’s term, the Small Business Administration provided over $450 billion in total emergency relief to more than 6 million small businesses.
In fiscal year 2024, the White House said, the Small Business Administration backed a record $56 billion in capital to small businesses and disaster-impacted communities.
Through the State Small Business Credit Initiative, nearly $10 billion in small business loan support and venture capital programs is being provided to states, territories and tribal governments.