Since President Joe Biden took office, more than 17 million new U.S. small business applications have been filed, according to the White House. This surge in applications has been described as a “historic small business boom” by U.S. Small Business Administration head Isabel Casillas Guzman.
During an event in North Carolina focused on supporting the growth of small businesses, Vice President Kamala Harris announced that the administration aimed to increase federal contracts for minority-owned businesses by 50%. 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, while revenues for these businesses surged by 43%, as reported by Scripps News.
