This week marks National Small Business Week, a celebration of America’s entrepreneurs and small business owners. The U.S. Census Bureau reports a record 17.2 million new business applications in the last three years, indicating a surge in new business starts. The Small Business Administration (SBA) released its Procurement Scorecard showing that in Fiscal Year 2023, $178.6 billion in federal contracts were awarded to small businesses. The SBA is on track to nearly double its 7(a) small dollar loans compared to 2020 and deliver more than $250 billion to small businesses by 2030.
Director Lael Brainard of the White House National Economic Council discussed the state of small businesses and the economy during National Small Business Week. She highlighted President Biden’s efforts to revitalize Main Streets across the country, citing success stories like Nowhere Coffee in Allentown, Pennsylvania. Brainard emphasized the importance of small businesses in driving economic growth, noting the record levels of new business applications since President Biden took office and the positive impact on employment rates.
The Biden-Harris Administration’s small business strategy has led to significant progress, including $8.4 billion in Treasury loans and the doubling of loans under $150,000 since 2020. Investments in infrastructure, clean energy projects, and small business growth have supported comeback stories in towns and cities across the country. The federal government awarded a record $179 billion in contracts to small businesses in fiscal year 2023, demonstrating the administration’s commitment to small business development and economic growth.
Director Brainard discussed President Biden’s focus on lowering costs, increasing competition, and strengthening the economy from the perspective of middle-class families. The administration’s efforts to tackle hidden fees and promote competition have helped save families billions of dollars annually. President Biden’s 2025 budget proposal includes increased contracting and loan opportunities for small businesses, as well as investments in housing, healthcare, and childcare to support entrepreneurship and economic growth.
Brainard emphasized the vital role of small businesses in driving sustainable growth and innovation in the economy. President Biden’s budget proposal focuses on building a fair tax system and making critical investments in key areas like housing and healthcare to support small business owners. Brainard reflected on the progress made in the past few years, emphasizing the strong, balanced recovery driven by small businesses that showcase the success of President Biden’s growth plan. The record levels of small business creation demonstrate confidence in the administration’s commitment to supporting entrepreneurs and driving economic growth.
