National Small Business Week is being celebrated with more enthusiasm this year as a record number of new business applications have been filed in the last three years. The Small Business Administration (SBA) has awarded a record-high of $178.6 billion in federal contracts to small businesses in Fiscal Year 2023, and is on track to nearly double its small dollar loans by 2030. This surge of new businesses and government support highlights the critical role that small businesses play in the economy.
Director Lael Brainard, who advises President Biden on economic policy, shares her insights on the state of the economy and small businesses in the country during National Small Business Week. She emphasizes the importance of revitalizing Main Streets and factory towns across the country, pointing out success stories of small businesses benefiting from government programs such as SBA loans. Economic growth is evident through record-breaking numbers of new business applications and job creation among small businesses.
The Investing in America agenda introduced by President Biden is playing a crucial role in supporting small business growth by making investments in infrastructure, clean energy projects, and manufacturing. This agenda has led to success stories like Dunamis Charge, an African American women-owned electric vehicle charger manufacturing company, which has received support from the government and seen significant growth. The administration has also approved funding for small businesses and awarded federal contracts to them as part of efforts to ensure economic growth reaches all communities.
The Biden-Harris Administration has focused on lowering costs for households by addressing hidden fees and increasing competition in the market. This has resulted in a higher Consumer Sentiment Index and improved economic conditions since July 2021. The President’s commitment to supporting small businesses and increasing opportunities for them through initiatives like the 15% procurement goal for small disadvantaged businesses is contributing to the overall economic growth and stability.
Director Brainard emphasizes the importance of small businesses in driving sustainable and steady growth in the economy. Small businesses play a crucial role in innovation, job creation, and overall economic progress. President Biden’s 2025 budget proposal includes plans to increase contracting and loan opportunities for small businesses, establish new direct loan programs, and build a fair tax system to support small businesses. Investments in critical areas like housing and healthcare are also essential for enabling Americans to start and grow businesses.
Looking ahead, Director Brainard acknowledges that there is still work to be done, but reflects on the progress made so far in revitalizing the economy and supporting small businesses. The strong recovery and record numbers of new business creation are a testament to the success of President Biden’s economic policies. Small businesses continue to be drivers of growth and confidence in the economy, showcasing the success of the administration’s efforts to support and uplift entrepreneurs and small business owners across the country.
