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Year In Review - Self-Employed And Small Business Community
2023 has been a year of significant accomplishments for small businesses in the United States, thanks to bipartisan action by Congress and the Biden Harris Administration:
- Record number of applications to start businesses: In 2023, Americans have filed a record 14.6 million applications to start businesses. This is a sign that the historic investment in small businesses is driving confidence and optimism from entrepreneurs and generating more resilient and competitive markets.
- Increased lending and investments in small businesses: Data from the Federal Reserve’s Survey of Consumer Finances shows that between 2019 and 2022, the share of families owning a business increased by 9%.
- $50 million in American Rescue Plan funds: The U.S. Department of the Treasury is announcing awards of more than $50 million to 20 states to provide legal, financial, and other advisory services that are expected to help more than 10,000 small businesses owned by individuals from traditionally underserved communities secure loans and investments to grow and expand. These awards are being provided through the State Small Business Credit Initiative’s (SSBCI) Technical Assistance Grant Program – part of the American Rescue Plan’s historic support for underserved small businesses that is providing capital, building ecosystems of opportunity and entrepreneurship, and creating new jobs and economic opportunity.
- $50 billion to small businesses: The Small Business Administration (SBA) delivered $50 billion to small businesses in Fiscal Year 2023.
These accomplishments are a testament to Congress and the Biden-Harris Administration’s commitment to supporting small businesses and creating a more equitable economy. By investing in small businesses, Congress and the Administration is helping to create jobs, build wealth, and promote economic growth in communities across the country.
In conclusion, 2023 has been a year of significant accomplishments for the self-employed and small businesses in the United States.