WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA)and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, announced the Biden-Harris Administration has tripled SBA lending to Black-owned businesses while doubling small-dollar lending and lending to Latino- and women-owned small businesses. The new data comes as the United States reaches a record 19 million(Link is external) new business applications under the Biden-Harris Administration.
“Over the past four years more entrepreneurs than ever before have pursued the American dream of business ownership, and the SBA has been committed to matching this incredible wave of enthusiasm with the capital, market access, and resources small businesses need to start, grow, and thrive,” said SBA Administrator Guzman. “While there is more to do, the Biden-Harris Administration is working to level the playing field for underserved entrepreneurs, and we remain laser-focused on expanding access to opportunity and championing equity.”
Since the start of the Biden-Harris Administration, there have been 19 million new business applications with an average 443,000 filed each month – a rate 92% faster than the pre-pandemic average. This historic Small Business Boom has been driven by women and people of color, with data showing Black business ownership doubling since 2019 and women increasing business ownership at a pace nearly double the pace of men.
Since President Biden took office in 2021, SBA lending to historically underserved entrepreneurs has grown substantially. Compared to FY20, so far in FY24:
- Average monthly SBA lending to Black-owned businesses has tripled.
- Average monthly SBA lending to Latino-owned businesses has more than doubled.
- Average monthly SBA lending to women-owned businesses has doubled.
- Average monthly SBA small-dollar lending has doubled.
