16 January 2024

The SBA Reports an Impressive 5.5 Million New Business Applications Filed in 2024

By Ronald Smith

I have some exciting news to share with you. The Small Business Administration (SBA) has recently revealed some amazing figures. In the year 2023, a whopping 5.5 million brand-new business applications were submitted. Can you believe it?

It’s truly remarkable to see so many aspiring entrepreneurs taking that courageous step towards realizing their dreams. Just thinking about the immense potential and creativity bursting forth from these ventures is mind-boggling!

I can’t help but be in awe of the individuals behind these applications. They’re the ones who have mustered the courage to embark on their own unique journeys. By submitting a business application, they’re making a bold statement: I have a vision, and I’m ready to make it happen!

This news signifies a wave of inspiration and determination sweeping through our communities. It’s an affirmation that innovation and entrepreneurship are alive and well.

So, whether you’re one of those bold dreamers or just someone who appreciates the spirit of entrepreneurship, let’s take a moment to celebrate the remarkable achievement of these 5.5 million new business applications in 2023.

Who knows, maybe you’ll be the next visionary to bring your ideas to life. So go on, dream big, and never forget that the world is waiting for your unique contributions.

The SBA Reports an Impressive 5.5 Million New Business Applications Filed in 2023

I have some exciting news to share with you! The U.S. Small Business Administration (SBA) has just announced something truly remarkable. Under the Biden-Harris Administration, there has been an incredible surge in new business applications – a total of 16 million! Can you believe it?

This surge is unlike anything we’ve seen before, and it marks the strongest year of new business applications ever recorded. It’s a clear sign that there is a booming wave of small business entrepreneurship happening right now.

Administrator Isabel Casillas Guzman, who leads the SBA, couldn’t help but highlight this amazing achievement. In her own words, she said, I’m proud to say that more Americans than ever are pursuing their dreams of owning a business. The rate of new business applications being filed and establishments being created under President Biden’s leadership continues to skyrocket.

But here’s what makes this even more incredible – out of the five and a half million new business applications in the past year, many of them are coming from Black, Latino, and women founders. This means that the entrepreneurial landscape is becoming more diverse and inclusive, and that’s something worth celebrating.

The initiatives introduced by the Biden-Harris Administration, such as the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act, have had a significant impact on the growth of small businesses. These groundbreaking investments from the federal government have bridged the gap in access to capital and expanded support for underserved entrepreneurs. As a result, we have witnessed the emergence of a thriving business environment both at home and abroad.

But this surge in small businesses isn’t just about numbers. It represents the tangible establishment of new enterprises and the creation of job opportunities. Since the beginning of the Biden Administration, we’ve seen the addition of 1.3 million private establishments, fueling a remarkable 5.4% annual growth rate. Small businesses have truly become a driving force in the U.S. economy. Furthermore, over the course of 2021 to the first quarter of 2023, our economy welcomed 7.2 million small business jobs, with each quarter witnessing substantial growth.

I have some really exciting news to share with you! The number of minority and women entrepreneurs has been booming lately. It’s truly remarkable! Between 2019 and 2022, the percentage of black-owned businesses has doubled, going from 5% to 11%. This is the fastest growth we’ve seen in 30 years. And that’s not all – Latino-owned businesses have also experienced a significant increase.

But that’s not the only impressive statistic. The growth rate of women-owned businesses has been even more remarkable. In fact, from 2019 to 2023, the number of women-owned businesses grew a whopping 94% faster than men-owned businesses. Talk about girl power!

It’s not just one particular industry that’s experiencing this growth. It’s happening across the board. Whether it’s tech startups or traditional Main Street businesses, they’re all seeing substantial growth. Some leading industries in terms of application growth are retail, professional services, and construction. And the most innovative sectors have seen a fantastic 40% increase in the number of businesses being established.

Isn’t this incredible? I am amazed by the incredible progress we’re seeing in minority and women entrepreneurship. It’s truly inspiring to see so many people breaking barriers and achieving their dreams. Keep striving for greatness!

I want to talk about how the SBA is helping businesses like yours. They’re really doing a great job in supporting this boom we’re seeing. They’ve been lending a lot of money to minority and women-owned businesses, which is awesome. In fact, they gave out a huge $3 billion in loans to Latino-owned businesses last year. It’s really impressive.

And it’s not just minority and women-owned businesses that are benefiting. Veteran-owned businesses are also seeing a lot of growth with these loans. The SBA is really making a difference.

The Biden-Harris Administration is also doing their part to support small businesses. They have this comprehensive approach, with laws like the CHIPS and Science Act, that are really helping out. They’re also investing in infrastructure and broadband access, which is super important for businesses like yours.

And to show just how committed they are, they awarded a record $163 billion in federal procurement opportunities to small businesses last year. That’s a lot of money and it really shows their dedication.