The Biden-Harris Administration has achieved a significant increase in loans granted to entrepreneurs from historically disadvantaged groups
The Biden-Harris Administration has made significant strides in promoting economic equity for historically disadvantaged entrepreneurs in the United States.
Under this administration, the approval of loans to small business owners has seen unprecedented growth, particularly for African Americans, Latinos, and women.
Isabel Casillas Guzmán, Administrator of the U.S. Small Business Administration (SBA), highlighted that loans to African American entrepreneurs have tripled, while loans to Latino and women-owned businesses have doubled. This increase has facilitated a boom in new businesses, with 19 million applications recorded under the current administration and a monthly average of 443,000 applications.
Guzmán underscored the SBA’s commitment to providing the capital, market access, and resources necessary for small businesses to start, grow, and thrive. Despite the progress, the administration continues working to improve equity and equal opportunity for all entrepreneurs.
Compared to fiscal year 2020, current data shows:
- A threefold increase in loans to African American-owned businesses.
- More than double the loans to Latino-owned businesses.
- A doubling of loans to women-owned businesses.
- A doubling in the number of monthly small-dollar loans.
These advances have contributed to notable economic growth in the United States, with unparalleled expansion over the last four years and a record number of new businesses created.
Image: DiarioNY
