Biden touts admin efforts to boost small business: ‘20 million acts of hope’

President Biden took to social media to promote Small Business Saturday and his administration's efforts to boost small businesses, including investing more than $50 billion into the space.

"Every small business is an act of hope," he wrote on social platform X.

"This Small Business Saturday, we're celebrating all small businesses, including the 20 million new business applications — 20 million acts of hope — since I took office," he added.

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Biden, with less than two months left in office to cement his legacy, announced a new initiative Friday to boost federal aid for small businesses. In a statement Friday, the administration called these businesses the "engines of our economy and the heart and soul of our communities."

Under the new program, the administration will expand caps on lending programs, improve forecasting of upcoming federal contract opportunities, increase access to federal subcontracts and leverage research and development for small disadvantaged business (SDBs), according to a fact sheet from The White House.

More than 20 million new business applications have been filed since Biden took office in 2021, the most in any term, per the release.

"These applications are leading historic business creation, with new establishment growth higher under President Biden than at any point in the last quarter-century," the administration wrote. "Entrepreneurs are thriving across communities, with business ownership doubling among Black families, hitting a 30-year high for Hispanic families, exceeding a 30-year high for Asian Americans, and surpassing pre-pandemic levels for women business owners."

"The Biden-Harris agenda continues to make sure that small businesses in every corner of the country—rural, suburban, urban, and everywhere in between—have the resources they need to grow and thrive," the fact sheet reads.

The investment comes just over a year since Biden unveiled the administration's new focus on strengthening partnerships and investing in small and rural businesses.

Vice President Harris, who lost the presidential election to President-elect Trump earlier this month, proposed expanding tax relief for Americans starting small businesses as part of her economic plan. The move was supported by more than two dozen state treasurers.

Biden, who withdrew from the race and backed Harris, has promoted his own economic plans — branded as "Bidenomics" — for years, including putting more into assisting small businesses, specifically SDBs, as inflation fluctuated.

One of those efforts, the Small Business Administration's disaster loan program, was tapped out earlier this year after back-to-back hurricanes wreaked havoc on the southeastern U.S. Biden sent an emergency funding request to Congress following the damage, pressing for nearly $100 billion to help with the recovery of battered communities nationwide, including businesses.

The request includes $40 billion for the Federal Emergency Management Agency’s Disaster Relief Fund. Without that, the president said, the fund will face a shortfall, impacting the agency's ability to aid disaster survivors and recovery efforts. However, lawmakers are facing a partisan divide as they seek to pass disaster aid legislation by the end of the year.

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