New Small Business Applications Soar Under Biden-Harris Administration: A Positive Sign for the Economy and Entrepreneurship

New Business Applications Surge Under Biden-Harris Administration

Since President Biden took office, there has been a significant increase in new small business applications. Over 17 million applications have been submitted, with Pennsylvania alone seeing more than 1.3 million since the beginning of the Biden Administration. 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.

The surge in entrepreneurship under President Biden has shown significant growth among women, Latinos, and Black Americans, indicating a more inclusive landscape for small business ownership. John Fleming, the SBA Mid-Atlantic Regional Administrator, expressed optimism about the implications of this growth, stating that it would lead to more jobs, a higher standard of living, and a promising future.

Administrator Isabel Casillas Guzman credited President Biden’s economic policies for fueling the surge in new business applications. She emphasized that the administration’s investments in America, such as the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act, have provided opportunities for more entrepreneurs to start their businesses. This historic federal investment has not only spurred a small business boom but has also led to the creation of over 15 million jobs since President Biden’s inauguration.