White House Reports Small Business Applications Exceed 17 Million

White House Reports Small Business Applications Exceed 17 Million

According to the White House, more than 17 million new U.S. small business applications have been filed since President Joe Biden took office. U.S. Small Business Administration head Isabel Casillas Guzman described this surge as a “historic small business boom.” The federal government previously reported that there were an average of 440,000 new business applications each month during the first three years of the Biden administration.

In March, Vice President Kamala Harris announced that the administration aimed to increase federal contracts for minority-owned businesses by 50%. She made this statement during an event in North Carolina focused on supporting the growth of small businesses. The administration highlighted its record job creation and efforts to address inflation.

A recent report from the Bureau of Labor Statistics revealed that U.S. producer prices experienced their largest year-over-year increase since last year. Additionally, data from the U.S. government shows that over the past year, a record-breaking 5.5 million new business applications were submitted, bringing the total under the current administration to 17 million.

Census Bureau data indicates that the number of Black-owned businesses increased by approximately 13% from 2017 to 2020. During the same period, revenues for these businesses surged by 43%, as reported by Scripps News.

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