As U.S. Hits Record 21 Million New Business Applications, SBA Publishes Report Outlining How Biden-Harris Administration Worked to Fuel Small Business Boom

Biden-Harris Administration’s SBA grew lending, revenue growth opportunities, and knowledge networks

/EIN News/ -- WASHINGTON, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in the President’s Cabinet for America’s more than 34 million small businesses, released a new report highlighting the Biden-Harris Administration’s historic achievements for small business owners across America. The report summarizes key reforms, modernization, and program transformations made at the SBA between 2021 and 2024, demonstrating how these improvements and priorities have fueled our country’s record-breaking small business boom – with more than 21 million new business applications nationwide 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 SBA 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 tremendous legacy of the Biden-Harris SBA will be creating a pathway for more Americans from all backgrounds and geographies to build viable businesses, create jobs, innovate and empower communities across the nation for years to come."

The 21 million new business applications filed since President Biden took office is the most new business applications in any Presidential administration. The Biden-Harris Administration has overseen for the fastest rate of new business applications on record, with entrepreneurs filing an average of over 440,000 applications every month – a rate over 90% faster than pre-pandemic averages. 

The report documents how the SBA, under the leadership of Administrator Guzman, helped fuel this Small Business Boom by championing policies and programs that:

• Helped small businesses survive and recover from the pandemic. The SBA delivered more than $1.2 trillion in loans and grants to more than 13 million small businesses, including more than $450 billion during the Biden-Harris Administration.
• Combatted fraud, waste, and abuse – safeguarding taxpayer-funded federal resources. The SBA restored anti-fraud controls and created new, innovative protections for federal resources, blocking 21.3 million fraudulent applicants from accessing pandemic relief and recovering $30 billion.
• Expanded access to capital and investment for small businesses to start and grow. The SBA streamlined rules, leveraged technology, and enacted policy changes and improvements to lending programs, leading to significant increases in lending to underserved communities – lending to Black-owned businesses tripled, while lending to Latino-owned and women-owned businesses doubled.
• Advanced an ecosystem to solidify U.S. national security, global competitiveness, and leadership in innovation. The SBA grew support for innovative startups and critical technologies to grow America's global competitiveness with $30.3 billion in financings to over 3,000 small businesses and startups, supporting 125,000 jobs.
• Strengthened communities’ abilities to recover from natural disaster and build resilience. The SBA established the Office of Disaster Recovery and Resilience and transformed the agency’s disaster relief program by simplifying rules and expanding financial assistance, lending a total of nearly $9.7 billion to businesses, homeowners, and renters impacted by disaster between FY21 and FY25 YTD.
• Promoted equitable and inclusive federal contracting – growing revenue for small businesses in underserved communities. The Biden-Harris Administration achieved the highest-ever level of federal contracting with small businesses and small disadvantaged businesses (SDBs), awarding an all-time high 28.78% of federal contracting dollars to small businesses and 12.24% to SDBs.
• Cultivated environments and networks to help small businesses reach greater potential and opportunities. The SBA deployed $100 million through the Community Navigator Pilot Program, expanded Women’s Business Centers from 136 to 168 and Veteran Business Outreach Centers from 18 to 31, and opened Small Business Development Centers that helped start nearly 80,000 new businesses and deliver over $28 billion in capital to clients.

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About the U.S. Small Business Administration 
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

SBA HQ Press Team
                    U.S. Small Business Administration
                    press_office@sba.gov