President Biden took to social media on Saturday touting small businesses and his administration's efforts to boost them, including more than $50 billion in investments in the sector.
“Every small business is an act of hope,” he wrote on social platform X.
“This week on Small Business Saturday, we celebrate all small businesses, including 20 million new business applications, or 20 million acts of hope, since I took office,” he added.
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With less than two months left in his term to solidify his legacy, Biden announced: new initiatives Friday will boost federal aid for small businesses. In a statement Friday, the government called these businesses “the engines of our economy and the heart and soul of our communities.”
Under the new program, the administration will expand caps on loan programs, improve forecasting of upcoming federal contracting opportunities, increase access to federal subcontracting, and improve disadvantaged small and medium-sized businesses, according to a White House fact sheet. The company plans to utilize research and development for SDB.
According to the announcement, more than 20 million new business applications have been filed since Biden took office in 2021, the highest number ever.
“These filings are leading historic business creation, with new business growth rates under President Biden higher than at any point in the past quarter century,” the administration wrote. “Entrepreneurs are thriving across our communities, with business ownership doubling for Black families, hitting a 30-year high for Hispanic families, exceeding a 30-year high for Asian Americans, and more women owning businesses. This is above pre-pandemic levels.”
“The Biden-Harris policy will ensure that small businesses in rural, suburban, urban, and everywhere in between have the resources they need to grow and thrive,” the fact sheet says. “will continue,” it says.
The investment comes just over a year after Biden announced his administration's new focus on strengthening partnerships and investing in small and local businesses.
Vice President Harris, who lost the presidential election earlier this month to President-elect Trump, proposed expanding tax breaks for Americans who start small businesses as part of her economic plan. The move was supported by more than 20 state treasurers.
Mr. Biden, who withdrew from the election race and endorsed Ms. Harris, has long promoted his own economic plan dubbed “Bidenomics,'' including increasing support for small and medium-sized enterprises, especially SDBs, amid fluctuating inflation. Ta.
One such effort, the Small Business Administration's Disaster Loan Program, was launched earlier this year after a series of hurricanes devastated the southeastern United States. In response to the damage, Biden sent an emergency funding request to Congress, requesting nearly $100 billion in loans. Support the recovery of hard-hit communities across the country, including businesses.
of requestIt includes $40 billion in Federal Emergency Management Agency disaster relief funds. Without it, the president said, funds would be in short supply, impacting the ability of government agencies to support disaster survivors and recovery efforts. But lawmakers seeking to pass a disaster relief bill by the end of the year face partisan tensions.
