Amid the pomp and circumstance of National Small Business Week, the Biden-Harris administration has announced a record-setting number of federal procurement dollars are being funneled into the pockets of small businesses. According to a White House fact sheet, a staggering $178.6 billion, representing 28.4 percent of all federal contracting dollars, was awarded to small businesses in Fiscal Year 2023. President Biden described the act of starting a small business as one of hope and confidence in the American economy.

The administration highlighted that the number of new business applications has reached an all-time high of 17.2 million since Biden took office. The administration pointedly criticized House Republicans for their attempts to undercut the success of small businesses. Namely, the opposition is accused of looking to repeal parts of the Inflation Reduction Act and threatening cuts to the Small Business Administration, aiming for a 31% government-wide reduction in spending.

The celebration also featured the news that small disadvantaged businesses (SDBs) received $76.2 billion, surpassing the goal set for the fiscal year. This upward trend in federal contracts to SDBs sets the pace toward the administration's goal of a 50% increase by 2025. Furthermore, service-disabled veteran-owned small businesses also witnessed a substantial bump in federal contracts, with $32 billion being disbursed their way.

While boosting small business ownership, the administration isn't taking its foot off the gas pedal. A significant increase in small-dollar loans has also been reported, with the SBA on pace to nearly double the number of such loans approved as compared to the previous administration. Over 20,000 of these loans have been approved in Fiscal Year 2024 alone. The American Rescue Plan's State Small Business Credit Initiative, backed by the Treasury, has also paved the way for comprehensible support, approving over $8 billion in capital to back small firms.

In tandem with these financial achievements, the release of the third annual Small Business Boom Report showed continued efforts to fulfill 35 original commitments to support small businesses. The report detailed the results of initiatives such as the expansion of programs connecting underserved businesses with resources and the delivery of nearly $124 billion in financing to small businesses through various loan programs. This puts the SBA on track to meet its goal of delivering over $250 billion to small businesses by the decade's end, ensuring that the cogs of America's economic engine remain well-greased and operational.