The U.S. Small Business Administration (SBA) has released a report highlighting the Biden-Harris Administration's efforts to support small businesses across the United States. The report, announced by SBA Administrator Isabel Casillas Guzman, outlines key reforms and program transformations implemented between 2021 and 2024. These changes have contributed to a significant increase in new business applications, with over 21 million filed since President Biden took office.
"During the Biden-Harris Administration, the SBA expanded its critical support for small businesses and disaster-impacted communities – helping power the strongest post-pandemic economic recovery in the world and fuel a historic Small Business Boom of more than 21 million new business applications over the past four years," said Administrator Guzman. "With its historic reforms and transformative technology investments, the SBA is better positioned than ever to meet small businesses and startups where they are with the resources they need to start, grow, and thrive."
The record number of new business applications marks an unprecedented rate of entrepreneurial activity under any presidential administration. Entrepreneurs have been filing an average of over 440,000 applications each month, which is more than 90% faster than pre-pandemic averages.
The report details several initiatives undertaken by the SBA to drive this growth:
- Providing $1.2 trillion in loans and grants to help more than 13 million small businesses survive and recover from the pandemic.
- Implementing anti-fraud measures that blocked 21.3 million fraudulent applicants from accessing relief funds while recovering $30 billion.
- Expanding access to capital for underserved communities, resulting in increased lending to Black-owned businesses tripling, while lending to Latino-owned and women-owned businesses doubled.
- Supporting innovative startups with $30.3 billion in financing for over 3,000 small businesses.
- Establishing the Office of Disaster Recovery and Resilience to improve disaster relief efforts with nearly $9.7 billion lent out between FY21 and FY25 YTD.
- Achieving record levels of federal contracting with small disadvantaged businesses (SDBs), awarding an all-time high percentage of federal contracting dollars.
Additionally, initiatives like expanding Women’s Business Centers from 136 to 168 locations and Veteran Business Outreach Centers from 18 to 31 were highlighted as part of efforts to cultivate supportive environments for small business growth.