President Joe Biden and SBA Administrator Isabel Casillas Guzman announced that over 20 million business applications have been filed during the Biden-Harris Administration. This marks a record high for any four-year period.

SBA Administrator Guzman emphasized the significance of this milestone, stating, "When taking the measure of our economy, business startup activity is a clarifying metric – and in the last four years, Americans have powered our economy through entrepreneurship." She added that this achievement reflects a resurgence in business dynamism supported by SBA's capital reforms, particularly benefiting entrepreneurs from underserved communities.

The data reveals an average of 441,453 business applications per month since the administration began, a rate 91% faster than pre-pandemic averages. The increase has been notably driven by women and people of color. Black business ownership has doubled since 2019, Latino ownership reached its highest level on record, and women-owned businesses are growing at nearly twice the rate of male-owned businesses.

Under President Biden's tenure starting in 2021, SBA lending to historically underserved entrepreneurs has significantly increased. The FY24 Capital Impact Report shows:

- 5,200 loans totaling $1.5 billion were made to Black-owned businesses.

- 9,600 loans totaling $3.3 billion went to Latino-owned businesses.

- 15,500 loans totaling $5.6 billion were issued to women-owned businesses.

Additionally, more than 100,000 individual small business financings were recorded last year—the highest since 2008.

The Biden-Harris Administration is poised for a fourth consecutive year of historic business filings following three strong years.

For further details on these developments and loan statistics, refer to the complete FY24 Capital Impact Report available on the SBA website.