WASHINGTON (dpa-AFX) - The United States has reached a record 19 million new business applications under the Biden Administration.
According to Isabel Casillas Guzman, Administrator of the U.S. Small Business Administration, an average 443,000 new business applications were filed each month - a rate 92 percent faster than the pre-pandemic average.
This 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 in the four-year period.
Average monthly SBA lending to women-owned businesses has doubled by 2024.
Average monthly SBA small-dollar lending has doubled.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
