Biden supply chain and manufacturing investment spurs 20 million new business applications

The Biden administration's combination of pandemic-era relief, eliminating barriers to capital formation, industrial policy including CHIPS Act and IRA manufacturing incentives, and broadband expansion contribute to a historic surge in new business formation. 20 million new business applications are filed during Biden's term, the most in any presidential term. New business applications in 2021 hit 5.4 million, the highest annual total on record, and remain above historical norms through 2023. The share of SBA 7(a) and 504 loans going to Black-owned businesses more than doubles between 2020 and 2023. The surge represents a historic democratization of entrepreneurship following the economic disruption of COVID-19.