Record 21 Million New U.S. Business Applications Filed During Biden Administration

The Biden-Harris administration achieved the fastest rate of new business creation in U.S. history, with significant growth in underserved communities and record federal support for small businesses.

• American entrepreneurs filed 21 million new business applications during the Biden administration, the highest number for any presidential term on record.
• The rate of new business applications averaged over 440,000 per month, more than 90% faster than pre-pandemic levels.
• Federal agencies awarded a record $183 billion in contracts to small businesses and $78 billion to small disadvantaged businesses in fiscal year 2024.
• Business ownership doubled among Black households and reached a 30-year high for Hispanic and Asian American households, with women owning a larger share of businesses than before the pandemic.
• The Small Business Administration provided over $450 billion in pandemic relief and backed a record $56 billion in loans and investments in fiscal year 2024, prioritizing underserved entrepreneurs.

3 Articles

UPI The White House The White House