Small businesses are the backbone of our communities. They strengthen the middle class by creating jobs, advancing opportunity, and establishing pathways for Americans to build intergenerational wealth. That is why President Biden and I fight every day to invest in America's small businesses, their owners and entrepreneurs, and the workers who power them.
Today, I am proud to celebrate that a record 19 million new small business applications have been filed since President Biden and I took office. Building on work that I did as a United States senator, our Administration is investing billions of dollars in community lenders, which provide capital and financial support to small business owners and entrepreneurs in overlooked and underserved communities, including in rural America. These efforts are working, as we witness record small business creation from groups that are traditionally underrepresented in entrepreneurship.
President Biden and I will continue to invest in the ambitions and aspirations of small business owners and entrepreneurs in communities across our nation as we ensure they have the resources and opportunity to not only survive but thrive.
