Statement by SBA Administrator Guzman on President Biden’s State of the Union Address

“President Biden’s State of the Union address made clear that the Biden-Harris Administration’s transformative agenda is fighting for the middle class, leveling the playing field for all Americans, and boosting our economy. The President’s leadership on an unrivaled economic recovery and investments in America’s entrepreneurs have delivered the three strongest years of new business applications on record. Today, the United States is in the midst of a historic Small Business Boom with a record 16.5 million new business applications filed since President Biden took office – more than the prior four years combined – and this surge is being powered by women, Latino, and Black Americans. 

“This Small Business Boom didn’t happen by accident. The President’s Investing in America agenda — including his American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act — helped create the economic conditions for more small businesses in more communities to start, grow, and thrive. These transformative investments – coupled with the SBA’s work to close capital access gaps, connect small businesses to revenue growth opportunities, and increase outreach and training in underserved communities – have empowered more entrepreneurs than ever before to pursue their American Dream of business ownership. 

“A central tenet of this Administration’s Investing in America agenda is its commitment to investing in all of America’s entrepreneurs. Small businesses like those owned by two of the First Lady’s guests, entrepreneurs Rashawn Spivey and Natalie King, are the heartbeat of our communities. They create two-thirds of net new jobs and generate 40 percent of our nation’s economic output. Our economy is only as strong as its small businesses — and under President Biden’s leadership, small business owners and entrepreneurs are in a stronger position than ever before to lead our economy and our country into the future.”

For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.

SOURCE: https://www.sba.gov/article/2024/03/08/statement-sba-administrator-guzman-president-bidens-state-union-address