Biden-Harris Administration Boosts Small Business Growth with Over 15 Million New Applications

New small business applications have surged under the Biden-Harris Administration, with more than 17 million applications totaled since the beginning of the administration. Pennsylvania has seen an impressive 1.3 million new business applications alone. This spike in new business ventures is viewed as positive news not only for small business owners in Pennsylvania but for the overall economy as well.

President Biden’s economic policies have been credited with fueling this growth, with Administrator Isabel Casillas Guzman emphasizing that the administration’s investments in America, such as the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act, have provided opportunities for entrepreneurs to start their businesses. This surge in entrepreneurship has shown significant growth among women, Latinos, and Black Americans, indicating a more inclusive landscape for small business ownership.

Since taking office, President Biden has averaged 440,000 new business applications per month, which is 45% higher than the previous administration’s average. The annual growth in new business applications under President Biden is a striking 90% higher than pre-pandemic levels. This surge in entrepreneurship has led to over 15 million jobs since President Biden’s inauguration. SBA Mid-Atlantic Regional Administrator John Fleming expressed optimism about the implications of this growth and stated that it would lead to more jobs, a higher standard of living and a promising future.