Joe Biden Administration Touts Over 17 Million New Business Applications as More Americans Dream of Being Their Own Boss

By Jace Dela Cruz

Apr 12, 2024 01:45 AM EDT

The White House has revealed that the number of small business applications in the United States has exceeded 17 million since President Joe Biden assumed office.

President Biden Speaks On His Bidenomics Economic Plan In Superior, Wisconsin
SUPERIOR, WISCONSIN - JANUARY 25: U.S. President Joe Biden speaks about funding for the I-535 Blatnik Bridge at Earth Rider Brewery on January 25, 2024 in Superior, Wisconsin. Biden touched on his economic agenda and recent federal funding for infrastructure projects.
(Photo : Stephen Maturen/Getty Images)

SBA Head Says Joe Biden Ignites a 'Historic Small Business Boom'

Isabel Casillas Guzman, the head of the US Small Business Administration (SBA), said Joe Biden's investing in "America agenda" has set off "a historic small business boom, as more Americans than ever seek to start a business."

The federal government reported an average of 440,000 new business applications monthly for the first three years of the Biden administration, 45% higher than the average of the prior four years. 

READ NEXT: Joe Biden Keeps Donald Trump's China Tariffs Despite Clashing on Many Policy Issues: Here's Why

New Business Applications 90% Higher Than Pre-Pandemic Averages

According to the SBA's report, the annual growth in new business applications under the Biden administration is 90% higher than pre-pandemic averages, marking a substantial surge in entrepreneurship, particularly among women, Latinos, and Black Americans, 

"With new business applications being filed at a rate well above historical averages, it's clear that this surge in entrepreneurship is not a coincidence or COVID rebound alone, but rather the direct result of President Biden's economic leadership and this Administration's investments in America, which are creating opportunity for more entrepreneurs," Isabel Casillas Guzman said in a statement

READ MORE: James Biden, Joe Biden's Brother, Contradicts Himself at Impeachment Hearing on President's Involvement in Family Business: GOP

© 2024 VCPOST, All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics