White House celebrates ‘Small Business Boom’ with record-breaking achievement
President Biden and Vice President Harris Celebrate Small Business Boom
President Joe Biden and Vice President Kamala Harris are celebrating what they are calling a “small business boom” during their administration. Since Biden’s inauguration, a staggering 14.6 million applications for new businesses have been filed. Additionally, the number of families owning businesses has increased by 9% overall.
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“Since I took office, Americans have filed nearly 15 million applications to start businesses – and the percent of Black households owning a business has more than doubled,” Biden wrote on X, formerly known as Twitter. ”Get out there today and #ShopSmall.”
Saturday marked Small Business Saturday, a shopping holiday intended to rival Black Friday. According to the American Express-commissioned 2022 Small Business Saturday Consumer Insights Survey, consumers spent a whopping $17.9 billion last year.
“On Small Business Saturday, join me in celebrating our nation’s small businesses and the entrepreneurs and workers who power them. These businesses are the heart of our communities, and they thrive when we invest in America,” Harris wrote. “[The President] and I are proud to have their back.”
This comes after the Small Business Administration announced earlier this week that it had spent “$50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across America” during the 2023 fiscal year. The majority of the funds went to approximately 5,200 businesses seeking disaster assistance.
“Starting and running a business takes tremendous grit and determination, but it also takes capital — something too many enterprising Americans have historically been unable to obtain equitably and affordably,” SBA Administrator Isabel Casillas Guzman said in a statement. “The Biden-Harris Administration remains committed to simplifying and addressing persistent inequities in accessing capital to ensure all small business owners can get the funding needed to grow and create jobs for our economy.”
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For the first time in the SBA’s history, it offered Small Business Lending Company licenses to non-depository lenders, which exist outside of banks and loan companies in order to reach “rural and Native communities, and communities experiencing persistent poverty.” According to the administration, it is part of the “Biden-Harris Administration’s agenda to advance equity and build an inclusive economy.”
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Holiday promoted by American Express as a way to support local businesses. President Biden and Vice President Harris took to social media to encourage Americans to shop at small businesses and show their support.
The surge in small business applications and the increase in families owning businesses is seen by the Biden administration as a positive sign of economic recovery and growth. Throughout the pandemic, many small businesses have struggled to survive, with numerous closures and layoffs. However, with the rollout of vaccines and the easing of restrictions, there has been a renewed sense of optimism and confidence among entrepreneurs and families looking to start their own businesses.
The Biden administration has implemented various policies and initiatives aimed at supporting small businesses and promoting entrepreneurship. These measures include financial assistance programs, tax credits, and regulatory reforms. In addition, the administration has focused on ensuring access to affordable healthcare and childcare, which are crucial factors for individuals considering starting their own businesses.
Furthermore, the administration has emphasized the importance of diversity and inclusion in the business sector. The significant increase in Black households owning businesses reflects the administration’s commitment to providing equal opportunities for all Americans. By creating an environment conducive to entrepreneurship and addressing systemic barriers that traditionally marginalized communities face, the Biden administration hopes to promote economic empowerment and reduce wealth disparities.
The celebration of Small Business Saturday serves as a reminder of the essential role that small businesses play in our economy. They serve as engines of growth, job creators, and vital contributors to local communities. By supporting small businesses, consumers can help stimulate economic activity and ensure the vitality of their neighborhoods.
However, it is important to note that the challenges facing small businesses are not completely resolved. The ongoing COVID-19 pandemic and its potential long-term impacts continue to pose risks and uncertainties. The Biden administration acknowledges the need for sustained support and is working alongside Congress to pass legislation that provides small businesses with the resources and assistance they require.
In conclusion, President Biden and Vice President Harris are celebrating the surge in small business applications and the increase in families owning businesses during their administration. They view this as a positive indication of economic recovery and growth. The Biden administration remains committed to supporting small businesses and promoting entrepreneurship, with a focus on inclusivity and equal opportunities. Small Business Saturday serves as a reminder of the crucial role that small businesses play in our economy and the importance of supporting them for continued economic prosperity.
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