The White House said U.S. small business applications have surpassed 17 million new filings since President Joe Biden took office.
In a statement on Thursday, U.S. Small Business Administration head Isabel Casillas Guzman called it a "historic small business boom."
The federal government said earlier this year that average monthly new businesses applications were 440,000 for the first three years of the Biden administration.
In March, Vice President Kamala Harris said the administration had set a goal of increasing federal contracts for minority-owned businesses by 50%. The vice president made the remarks at an event in North Carolina focused on growing small businesses.
SEE MORE: Harris promises 50% increase goal in contracts for minority businesses
The administration made the announcement while touting what it calls record job creation and "cooling inflation."
On Thursday a report from the Bureau of Labor Statistics revealed that U.S. producer prices increased for the 12-month period ending in March by their largest year-over-year hike since April of last year.
According to U.S. government data, in the last year, "Americans across the country and in a wide range of industries filed a record 5 1/2 million new business applications, bringing the total number under this administration to a record-breaking 16 million."
Census Bureau data shows that Black-owned businesses increased by around 13% between 2017 to 2020. Between 2017 and 2021, their revenues jumped by 43%, Scripps News reported.
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