Building Back Together Celebrates Record-Breaking 20 Million New Business Applications

FOR IMMEDIATE RELEASE: November 14, 2024
PRESS CONTACT: [email protected]

BUILDING BACK TOGETHER CELEBRATES RECORD-BREAKING 20 MILLION NEW BUSINESS APPLICATIONS

The Biden-Harris Administration has overseen the submission of 20 million new business applications, doubling the number of Black-owned businesses and achieving a 30-year high for Latino-owned businesses

WASHINGTON, D.C. — Today, the Biden-Harris Administration announced a historic milestone of more than 20 million new business applications since taking office — proof that their economic agenda is creating a strong economy. In celebration of this achievement, Building Back Together Deputy Executive Director Javier Gamboa released the following statement:

“Since taking office, President Biden and Vice President Harris have overseen the filing of over 20 million new business applications — the most in any single presidential term in history. This milestone is a testament of s the success of growing the economy from the bottom up and middle out, resulting in three consecutive years of record-breaking new business applications, with each new business representing an act of hope for local communities and strengthening our economy.

“This milestone is a direct result of the Biden-Harris Administration’s economic plan to drive a nationwide small business boom, particularly in communities of color and historically under-invested communities. Thanks to their leadership, Black business ownership has doubled, and Latino-owned businesses have reached a 30-year high.

“Make no mistake: with Republicans poised to hold control of the House of Representatives, Senate and the White House, all this progress is now in jeopardy as they have vowed to cut SBA funding and raise costs for small businesses. Today, we celebrate these historic gains and thank the Biden-Harris Administration for fostering an economic environment where these businesses can thrive, helping to create the strongest economy in the world.”

For more information, please see the White House’s fact sheet here.

###