More than 10.5 million small businesses have been established since 2021, the highest number on record during a … [+]
More than 10.5 million small businesses have been founded since 2021, the highest number on record for a two-year period, according to data released today by the Census Bureau.
Since taking office at the height of the Covid-19 pandemic, at a time of unprecedented economic uncertainty, the Biden-Harris administration has secured an impressive string of legislative victories including the American Rescue Plan, the bipartisan Infrastructure Act, the CHIPS and Science Act, and the Inflation Reduction Act. The implementation of these smart investments in infrastructure, manufacturing and research and development, combined with strong job creation, low unemployment and signs of slowing inflation, many people see reason to be optimistic about the direction of our economy.
“When President Biden took office, hundreds of thousands of businesses were struggling to stay open. The historic investment in the economic recovery has enabled Americans to start new businesses and jobs at record levels, a trend that continues today,” said US Small Business Administrator Isabella Casillas Guzman.
This week, as business leaders gather in Davos to discuss the state of the world and the economy, a new survey shows strong public support for businesses to play a big role in solving our society’s challenges. And while the big companies have expressed some concern about the future of the economy, today’s news shows that small business owners and entrepreneurs may not always agree with the big ones and are leading the way to recovery.
President Biden highlighted this surge in Main Street entrepreneurship, a sure sign of American optimism, in a statement, saying, “Small businesses are the engines of our economy and the heart of our communities. Today we learned that my first two years in office were the two biggest years for new small business applications on record, with more than 10 million new businesses created in total. It is the latest confirmation that my economic plan is working to build our economy from the bottom up and to the middle.”
The Biden-Harris administration is working to support these emerging small businesses by increasing federal grant programs that provide training and technical assistance, expanding access to capital, and investing in support for hard-to-reach entrepreneurs through programs like the Community Navigator Program.
The debate about the economic impact of the Biden-Harris administration’s political agenda will continue. It is fair to say that although it has been easing over the past few months, inflation is still a challenge for many businesses. However, unemployment is at a record low, we have strong job creation numbers, and now these strong small business start-up numbers. Most of this gives the Administration a strong argument that they are working to rebuild the economy by supporting small businesses as a catalyst for economic growth.
Of course, the work is not done, and this newly elected Congress should work in a bipartisan manner with the Biden-Harris administration to support our nation’s job creators so they can continue to innovate, grow, and help lead us to the better days that are ahead. in front of us.