I came to office determined to build the economy from the middle out and bottom up, not the top down – that’s Bidenomics – and supporting small business has been central to the progress we’ve made. My first two years saw the most Americans applying to start small businesses of any on record. Today’s report from the Small Business Administration shows that we’ve also made progress leveling the playing field in federal contracts, with a record $163 billion going to small businesses. Just in the last fiscal year, our policies have supported one million jobs in small businesses.
This report also shows progress in increasing the share of federal contracts going to small disadvantaged businesses. Vice President Harris and I are committed to ensuring that federal investments build wealth and opportunity for underserved entrepreneurs and small business owners in every community across the country. Small businesses are the engines of our economy and the heart and soul of our communities, and investing in our small business entrepreneurs means investing in competition and job creation.