evidence: "More Americans than ever are pursuing their dreams of business ownership as the rate of new business applications filed and establishments under President Biden continues to surge," said Administrator Guzman. "In the last year alone, Americans across the country and in a wide range of industries filed a record five and a half million new business applications, bringing the total number under this Administration to a record-breaking 16 million. America’s great diversity continues to propel entrepreneurship with Black, Latino, and women founders starting up at higher rates than ever. As we enter 2024, the SBA will continue its work to increase access to the resources needed to start and grow resilient new businesses, harnessing the unique optimism and ingenuity of American entrepreneurs." Since President Biden took office, there have been 16 million new business applications — the highest recorded amount in three years. From 2021-2023, the U.S. has seen more new business applications than the prior four years combined. The monthly average of 440,000 new business applications during the first three years of the Biden-Harris Administration — is 46% higher than the average of the prior four years combined. The surge has featured outsized growth in entrepreneurship among women, Latinos and Black Americans.