The Biden administration on Saturday unveiled new actions intended to increase support for small businesses.
In a post on X, the platform formerly known as Twitter, the administration listed three main actions.
First, the White House will invest $50 million of American Rescue Plan funds in more than 10,000 small businesses. The administration will also provide $50 billion in loans to small businesses this year, including significant increases for “underserved businesses.”
Finally, the administration announced a new focus on “strengthening” partnerships “to invest in and support rural businesses.”
The post was part of a larger White House thread celebrating “Small Business Saturday”.
“On Small Business Saturday, the Biden-Harris Administration is honoring the hard-working Americans who run our small businesses and drive our economy forward,” the administration wrote on develop and succeed.”
In his thread, the White House also boasted about a “(re)record 14.6 million applications” that were “filed to start a business” under the Biden administration. The post also hails the “fastest growth in Black business ownership in over 30 years.”
“Small businesses are more than just engines of our economy,” said President Biden. wrote on X. “They are the glue that holds our communities together. Shop small today, friends.
The president spent time Saturday walking around Nantucket, Massachusetts, and was seen entering several small stores alongside first lady Jill Biden, according to White House pool notes.
In August, Vice President Harris announcement that the administration would invest $125 million to help small businesses in underserved communities. The investment was to go toward 43 small business accelerators that support entrepreneurs in underserved communities.
“As Bidenomics continues to demonstrate, when we invest in the dreams and ambitions of small business owners and entrepreneurs, it creates opportunity and prosperity for us all,” Harris said during a speech in Washington, DC. DC, at the time.
On Saturday, Harris said the last two years have been “the best for small businesses.”
“On Small Business Saturday and during the holidays, be sure to shop locally and support the backbone of our communities,” she said. wrote on X. “When our small business owners succeed, America succeeds. »
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