Recent Census numbers show that the Biden-Harris administration set a new high for the number of new small businesses created.
U.S. SBA Administrator Isabella Guzman stated that the rate of new business applications in 2022 was slightly lower than in 2021, but still showed excellent growth under President Joe Biden and Vice President Kamala Harris.
According to Guzman: “Small business applications hit a high of 10.5 million since the start of this administration, the largest in any two years in our nation’s history.”
The report’s authors state: “Steady and consistent growth, as well as unprecedented investments in infrastructure, manufacturing, and R&D, present enormous prospects for America’s entrepreneurs.”
Small businesses, Biden said in a statement, are “the engines of our economy and the heartbeat of our communities.”
“We learned that my first two years in office have been the two greatest years for new small company applications, with more than 10 million total new businesses created,” Biden stated.
The president added that the news provides more evidence that his economic plan is helping to strengthen the middle class and the economy as a whole.
Guzman said that tens of thousands of businesses were struggling to stay operational when Biden was elected.
According to her, Americans have been creating businesses and employment at unprecedented rates since the economic recovery began.
Guzman claimed that “the SBA and the Biden-Harris Administration continue to retool vital federal small business support programs and services to expand access to capital, provide much-needed trusted networks for technical assistance and training, and help America’s entrepreneurs seek new revenue opportunities from transformational legislation,” such as the president’s Infrastructure Investment and Jobs Act.
Biden said there are reasons for economic confidence all around the country because of the historically low unemployment rate and the two strongest years of job growth in history.
He stated that revitalizing America’s infrastructure and supply networks would be essential in the long-term success of the country’s small companies.
The president called House Republicans “sad” because they have made defending affluent tax cheats their main legislative goal.
He argued that his plan to crack down on corporations that cheat on their taxes will also help level the playing field for small businesses.
“I will continue to work with anybody from either party, in Congress or in the states, to implement my economic agenda and build our economy from the bottom up and middle out. And I am convinced America’s best days are ahead,” Biden said.