The Biden administration is celebrating Small Business Week by highlighting its efforts to support small businesses across the country. In a press release on Monday, the White House announced record-high numbers in new business applications and federal contracting dollars awarded to small businesses during President Joe Biden’s time in office.
According to the administration, there were 17.2 new business applications and $178.6 billion in federal contracting dollars awarded to small businesses last fiscal year. The White House specifically noted that $76.2 billion went to small disadvantaged businesses and $32 billion to service-disabled veteran owned small businesses. President Biden has set a goal to increase the amount of federal contracting dollars awarded to small disadvantaged businesses by 50% by 2025.
In addition, the Small Business Administration is on track to nearly double the number of small dollar loans approved compared to the last year of former President Donald Trump’s presidency. This increase in funding is crucial for small business owners like Yanet Herrero, the CEO of Kings Service Solutions, a commercial cleaning business based in Florida.
Herrero, who received a $3 million loan from the SBA, credits the organization for helping her expand her business and purchase a headquarters for her company. She was honored as the Florida small business person of the year by the administration in Washington on Monday.
Overall, the Biden administration is committed to supporting small businesses and ensuring they have access to the resources they need to thrive and grow.