President Joe Biden’s administration has reported a surge in new small business applications in the United States, with over 17 million applications filed since he took office. This has been hailed as a “historic small business boom” by U.S. Small Business Administration head Isabel Casillas Guzman. During an event in North Carolina focused on small business growth, Vice President Kamala Harris announced the administration’s goal to increase federal contracts for minority-owned businesses by 50%.
The trend of rising new business applications has been consistent, with a record-breaking 5 1/2 million applications in the last year alone, bringing the total under the current administration to 16 million. Recent data from the Bureau of Labor Statistics revealed that U.S. producer prices have increased by their biggest year-over-year amount since April of last year, indicating a growing demand for goods and services.
According to Census Bureau data, the number of Black-owned businesses increased by approximately 13% between 2017 and 2020, with their revenues jumping by 43% during the same period. The administration’s focus on supporting small businesses and increasing opportunities for minority-owned businesses has been a key priority since the start of President Biden’s term. The announcement of increased federal contracts for minority-owned businesses is just one example of this commitment to promoting diversity and inclusion in entrepreneurship.
