Biden's Policies Are Driving A Black Small Business Boom
Black small business ownership is growing at its fastest level in 30 years, and President Biden's policies are a reason why.
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The Biden Black Business Ownership Boom
President Biden will be in Milwaukee, Wisconsin to highlight how his policies are helping to drive a surge in black business ownership.
According to a White House fact sheet provided to The Daily:
President Biden’s Investing in America agenda has driven historic gains in small business creation and entrepreneurship. 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:
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 states, tribes, and territories to launch and expand capital access programs for roughly 100,000 small businesses, including $79 million to Wisconsin.
It is no accident that the black-owned business boom is happening. The boom is being enabled by policy choices that we discuss below.