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Americans Continue to Spend as Biden’s Expanding Economy Shows Durability
U.S. Economy Grows for Sixth Straight Quarter,
with Q4 2023 Growth at 3.3%
For more than six months straight, the U.S. Gross Domestic Product (GDP) grew in 2023 at an annual pace of 2% or more, and came in at 3.3% in Q4 2023, thanks to consumer spending.
On the campaign trail in Wisconsin, President Biden showcased the country’s fast economic expansion: "Thanks to the American people, America now has the strongest growth, the lowest inflation rate of any major economy in the world. It's because of you.
After thanking the American people, the president added, “The economic growth is stronger than we had during the Trump administration.”
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While Republicans fight internally and in the courts, Democrats fight for small businesses.
The following summary includes highlights of the Biden-Harris administration’s published FACT SHEET, following the administration’s newly announced plans of three additional, significant steps to support small businesses.
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The U.S. Department of the Treasury is announcing awards of more than $50.8 million to 20 states to provide legal, financial, and other advisory services that are expected to help more than 10,000 small businesses owned by individuals from traditionally underserved communities secure loans and investments to grow and expand.
The SBA Releases Performance Data on Its Fiscal Year 2023 Lending Programs:
Recent data released from the SBA on its Fiscal 2023 lending programs a historic $50 billion in capital was provided to small businesses across the country. Highlights from the data include:
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Total SBA Lending: $108 billion in 7(a) and 504 loans to small businesses during the Biden Administration – 32% more than the same time in the prior administration.
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Minority Lending: Since 2020, the share of the SBA’s loan portfolio going to minority-owned businesses has increased from 23% to over 32%. Lending to AAPI-owned small businesses is on the rise, with loan count and total loan dollars both increasing by over a third since 2020. Finally, loans to Native-owned small businesses are up 70% and total loan dollars have nearly doubled since 2020.
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Data from the Federal Reserve’s Survey of Consumer Finances shows that under President Biden, we’ve achieved the fastest growth in Black business ownership in over 30 years.
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- Women-Owned Small Businesses: Loan counts are increasing by 70% since 2020 and total loan dollars exceeded $5 billion in 2023.
- Veteran-Owned Small Businesses: Loans to veteran-owned small businesses are up by one-third since 2020, and total loan dollars exceeded $1 billion in 2023.
- Small Dollar Loans: In FY23, the SBA delivered nearly $90 million in microloan funding. 35% of those loans went to Black-owned businesses and 15% went to Latino-owned businesses. The SBA delivered more loans in its signature 7(a) loan program under $150,000 in FY23 than in FY22, FY21, and FY20 – an overall 45% increase since President Biden took office.
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The USDA and the U.S. Small Business Administration Strengthen Partnership to Invest in Rural Small Businesses In November 2023, the SBA and USDA signed a memorandum of understanding to strengthen their long-standing partnership to create jobs and economic growth in small and underserved communities. Together, the agencies will provide trainings to rural business owners, work with agricultural producers to identify ways to export products, and expand the collaboration between the USDA’s Rural Partners Network and the SBA’s Resource Partners Network to improve economic security for small businesses throughout rural America.
For complete details and additional talking points, visit:
FACT SHEET: Ahead of Small Business Saturday, Biden-Harris Administration Announces Latest Steps to Support Small Businesses | The White House
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Andrew Lachman, Chair of the DNC Small Business Council elected to chair Western States Caucus.
Congratulations to Andrew Lachman for being unanimously elected the DNC Western States Caucus Chair. The DNC Small Business Council is working with the DNC to schedule an election for chair during the summer and will continue to work together to provide great newsletters, information, and programming.
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"The fund was a Godsend" -- Michael Butler, small business owner.
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During the DNC Fall Meeting in St. Louis, the Small Business Council focused on its plans to grow Democratic Small Business Council chapters across the country and to help promote the Biden-Harris Administrations record- breaking support for small busines
Michael Butler, an entrepreneur and former MO State Party Chair, shared his personal small business story with attendees, touting how the SBA’s Restaurant Revitalization Fund “was a Godsend”. He emphasized the strong support he, and other small business owners like him, received from the Biden-Harris administration. He thanked the SBA's prioritization of minority and disadvantaged businesses, its Restaurant Revitalization Fund, and the grant programs that helped him remain in business. Thanks to Bidenomics, this entrepreneur and small business owner paid for loans on his equipment and retained staff.
Other guest speakers included Peggy Flanagan, Lt. Gov. of Minnesota and DNC Chair Jamie Harrison.
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Michael Butler, former Missouri Democratic Party Chair, praised Bidenomics for saving his small business during and after COVID-19.
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Do you have a personal small business story to share? Wish to begin or join a small business council in your state? Please message us!
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More 4th Quarter 2023 Highlights:
President Biden Proclaimed November 2023 as National Entrepreneurship Month:
“In my first 2 years in office, we saw a record 10.5 million new business applications — the most ever recorded in a 2-year period in American history. Asian American-, Black-, and Latino-owned businesses are seeing faster creation rates today than they have in years. The economy has created nearly 14 million new jobs. Our entrepreneurs form the backbone of our Nation’s economy, and I remain committed to making sure they have the resources they need to succeed.” Read the President’s full proclamation.
FROM THE TREASURY DEPT:
Nov 21, 2023
These awards will be used to provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs.
Nov 16, 2023
Treasury Department Announces Approval of Up to $62 Million to Support Small Businesses in Washington, D.C. as Part of President Biden’s Investing in America Agenda
Oct 26, 2023
New Treasury Department Analysis Finds the U.S. Economy Outpacing Other Advanced Countries on Economic Growth, Labor Market Strength, and Inflation Reduction | U.S. Department of the Treasury
Oct. 25, 2023
Biden-Harris Administration Announces New Private Sector Commitments to Invest $3 Billion in Community Lenders Supporting Underserved Small Businesses and Communities | U.S. Department of the Treasury
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Facebook | Instagram
DNC Small Business Council
Andrew Lachman ・ Christine Chin Ryan
Rhett Buttle ・ Atticus Francken
Clay Middleton ・ Annette Krausse ・ Manny Crespin ・ Tracy Stanhoff
Regional Directors
Mark Robert Gordon, Laura Gross, Omar Hashwi, Brigette Hunley, Mark Kannady, Nanda Nunnelly,
Anne Marie Principe
Rural Outreach:
Judith Canales
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