The U.S. Small Business Administration (SBA) recently confirmed that entrepreneurs have filed over 20 million business applications under the Biden-Harris administration. This record-breaking number is at an all-time high, marking it the highest in any single Presidential term in history.
Entrepreneurship is a crucial driver of economic recovery and innovation, especially post-pandemic. Since 2021, an average of 441,453 applications have been filed monthly, a 91% faster rate than pre-pandemic levels. This surge reflects a renewed spirit of business dynamism across the nation.
Historically underserved communities have significantly contributed to this entrepreneurial boom, partly due to the SBA’s Equity Action Plan. Black-owned businesses have doubled since 2019, while Latino and Asian-owned businesses have reached their highest levels in decades. Women entrepreneurs are also thriving, with women-owned businesses increasing nearly twice the rate of male-owned enterprises.
The SBA has also played a critical role in this growth through targeted reforms and capital investments. In 2024, the SBA’s capital impact rose to $56 billion, a 7% increase from 2023. A record-breaking 103,000 financings in fiscal 2024 solidified the SBA’s position as a cornerstone of entrepreneurial support.
Beyond financial contributions, the SBA has strategically improved accessibility and equity. Policy reforms introduced in 2023 simplified lending criteria, helping businesses access smaller loans under $150,000. 38,000 were approved in 2024, doubling since 2020. In addition, programs like the Community Advantage initiative provided $200 million in loans to underserved communities, expanding economic opportunities for underrepresented entrepreneurs.
The SBA also leveraged technological advancements to streamline loan applications, cutting processing times in half. Their MySBA platform reduced disaster loan application times to just 14 minutes, ensuring small businesses could access vital resources quickly and efficiently.
This historic milestone showcases the resilience of America’s small business owners and highlights the SBA’s role in fueling economic growth. As the administration continues to invest in entrepreneurs, the entrepreneurial spirit remains a pillar of the nation’s economic success.
