Small businesses are wealth builders for generations. Black-owned companies create more opportunities for meaningful savings, property ownership, credit building, and generational wealth for black communities.
Black entrepreneurs and the people who support their businesses are the first ones to whom to give credit for a boom, but Biden and Harris also played a key role in causing a Black owned business boom!
President Biden to Highlight How His Investing in America Agenda Has Led to a Black Small Business Boom
Under President Biden’s leadership, the United States had the three strongest years in history for new small business applications, and with Black business ownership growing at the fastest pace in 30 years.
Since taking office, Americans have filed a record 15 million applications to start new businesses. Black business ownership is growing at the fastest pace in 30 years, and the share of Black households owning a business has doubled between 2019 and 2022, after falling between 2007 and 2019.
When Black businesses do well, they create jobs, generate wealth in their local communities and make the broader economy stronger. As a result, Black wealth is up a record 60% from before the pandemic and Black unemployment has reached historic lows. The Administration’s investment in Black entrepreneurs is producing results, including:
How?
- Nearly $70 billion—a new record—in Fiscal Year (FY) 2022 on federal contracts awarded to small, disadvantaged businesses (SDBs).
- $12 billion in community lenders to expand access to capital and resources to too-often sidelined entrepreneurs. The U.S. Department of Treasury estimates that these investments in community lenders will result in a $50 billion increase in lending to Latino communities and a nearly $80 billion increase in lending to Black communities over the next decade.
- $10 billion in in states, tribes, and territories to launch and expand capital access programs for roughly 100,000 small businesses, including $79 million to Wisconsin.
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Increasing access to capital for small and disadvantaged businesses applying for infrastructure contracts.
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Expanding and making the Minority Business Development Agency (MBDA) permanent.
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Supporting small and disadvantaged businesses through CHIPS Act Funding.
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Achieving record federal contract spending on small disadvantaged businesses (SDBs).
Investing in local, community-led economic development and small businesses is critical to President Biden’s commitment to build the economy from the middle out and the bottom up, not the top down.
Is there still more work to be done? 100%! Lots more work. But Biden did more than many people guessed could be done. And he deserves a lot of credit. AND he deserves to be re-elected.
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This is an entry in my ongoing series Boosting Biden.
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