WASHINGTON – In a statement released today by Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), it was revealed that an astonishing 17 million new business applications have been filed under the Biden-Harris Administration.

Guzman emphasized the impact of President Biden's economic leadership, stating, “President Biden’s Investing in America Agenda has ignited a historic Small Business Boom, as more Americans than ever seek to start a business.” She highlighted the significance of each new business as "an act of hope and confidence in our economy."

This surge in entrepreneurship under the current administration has broken records, with Guzman noting, "Since the start of the Biden-Harris Administration, there have been over 17 million new business applications — already the highest recorded under any presidential term."

The data also revealed that the monthly average of new business applications since the beginning of the Biden-Harris Administration is significantly higher than in previous years, showing a 45% increase. Additionally, there has been substantial growth in entrepreneurship among women, Latinos, and Black Americans.

The success of this Small Business Boom has been attributed to the Biden-Harris Administration’s agenda and historic federal investments, including key legislation such as the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act.

These efforts have contributed to an economic recovery that stands out globally, with more than 15 million jobs created since President Biden took office, record-low unemployment rates, and stable inflation levels.

The Small Business Administration continues to support entrepreneurs and small business owners through various programs and resources, empowering them to start, grow, and recover from challenges.

For more information about the SBA’s services, including loan programs and financial assistance, visit sba.gov.