WASHINGTON – Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, issued the following statement in response to data released by the U.S. Census Bureau:
“This new Census data shows the Biden-Harris small business boom continued in 2022, with a rapid pace of new business applications second only to the record set in 2021. Since the start of this administration, small business applications reached a high of 10.5 million, the most in any two years in our nation’s history. This report is even more good news for our economy, with steady and stable growth, as well as unprecedented investments in infrastructure, manufacturing, and R&D, bringing abundant opportunities for America’s entrepreneurs.
“When President Biden took office, hundreds of thousands of businesses were fighting to stay open. The historic investment in economic recovery enabled Americans to start new businesses and jobs at record-breaking levels, a trend that continues today.
“The SBA and the Biden-Harris Administration continue to retool vital federal small business support programs and services to expand access to capital, provide much-needed trusted networks for technical assistance and training, and help America’s entrepreneurs seek new revenue opportunities from transformational legislation including the President’s Infrastructure Investment and Jobs Act.”
The U.S. Census Bureau’s new data comes on the heels of recent analysis from independent academic researchers showing rising consumer confidence as inflation cooled for the sixth consecutive month.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. 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.