President Biden believes that starting a new small business is an act of hope. Under his leadership, American small businesses have boomed.

American entrepreneurs have filed a record 21 million new business applications since President Biden took office – the most in any single Presidential term. Under President Biden, we’ve seen the most new business applications of any Administration on record. And this growth is happening in communities across the country – business ownership has doubled among Black households and hit a 30-year high for Hispanic households. New business creation rates hit a 30-year high for Asian Americans, and women own a higher share of businesses than before the pandemic.

Small businesses and entrepreneurs are powering our economy and contributing to stronger productivity growth – helping make us the strongest economy in the world.