New Census data shows a record number of small business applications
The Biden Administration celebrated the news.
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Isabel Casillas Guzmán, Administrator of the Small Business Administration (SBA), recognized the strength of small business owners and celebrated the support they have received from the White House in the last year. What has that support done? There is a record number of small business applications still flowing in.
“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,” said Casillas Guzmán referring to data published by the U.S. Census Bureau.
Revealing census data
The new data from the U.S. Census Bureau comes on the heels of a recent analysis by independent academic researchers showing rising consumer confidence as inflation cools for the sixth straight month.
“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,” added Casillas Guzmán.
The official also highlighted that before Biden's arrival at the presidency, hundreds of thousands of companies had to fight to remain open.
The administrator highlighted:
The historic investment in economic recovery enabled Americans to start new businesses and jobs at record-breaking levels, a trend that continues today.
Infrastructure investment law
The SBA also notes that the current administration is undergoing a restructuring of vital federal programs and services to support small businesses to expand their access to capital, provide reliable and much-needed networks for technical assistance and training, and help America's employers to seek new income opportunities that include the President's Infrastructure Investment and Jobs Act.