President Biden has proclaimed April 30 through May 6, 2023, as National Small Business Week. In his proclamation, he recognized the contributions of small businesses to the American economy and called upon all Americans to continue supporting them.
Small businesses are the backbone of the American economy, accounting for almost half of the nation’s gross domestic product and employing nearly half of all private sector workers. They create many of the goods and services Americans rely on to sustain their everyday lives and are a source of community enrichment.
President Biden is committed to investing in America and empowering its small businesses to thrive. He has set a goal to award 15 percent of all federal contracts to small disadvantaged businesses by 2025, which will bring an estimated additional $100 billion in federal contracting money to these companies. His new budget calls for an additional $341 million for the Community Development Financial Institutions Fund, and he is seeking an additional $30 million for the Community Navigators Pilot Program.
President Biden’s Administration has delivered a capital infusion of more than $450 billion to the small business sector to keep Main Streets across America operating and employees on the payroll during the COVID-19 pandemic. He has also signed the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act, which are creating billions of dollars in contracting opportunities for America’s small businesses and investing hundreds of billions of federal dollars to rebuild the country’s infrastructure, bring manufacturing back to America, and launch a clean energy revolution.
President Biden’s commitment to small businesses is reflected in his Administration’s efforts to improve access to capital, contracts, technical expertise, and financial and legal assistance for small business owners from historically underrepresented communities. Through the State Small Business Credit Initiative, states, territories, and tribal governments are helping small business owners, including socially and economically disadvantaged entrepreneurs, access billions of dollars in loans and investments. The Small Business Administration is revamping its existing loan programs to expand access to small-dollar loans and increase the number of lenders that offer guaranteed loans, both of which can make a major difference for the smallest businesses and minority- and women-owned businesses that may have trouble accessing capital.
President Biden’s Administration is making progress, but he knows there is more that can be done. He is committed to opening up doors of opportunity for doers, dreamers, and job creators who represent the restless, bold, and optimistic American spirit. When the Administration makes these investments and supports these innovators, Main Streets thrive, families have good-paying jobs, and America’s future truly knows no bounds.
