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Financial quarter closes with a note on small business

President Biden sharking hands with a small business owner

The White House heralded National Small Business Week as a busy economic quarter comes to a close.

President Biden, a staunch advocate for small businesses, has issued a powerful statement in support of those who embody the entrepreneurial spirit of the United States.

National Small Business Week 2024

Small businesses are the soul of American ingenuity and the bedrock of the economy, which harks back to the very first stalls set out in the country. They also exist outside the celebratory week of April 28th to May 4th and contribute heavily to the success of the American dollar.

This transitional week leads into the second financial reporting quarter of 2024, which, according to the White House, looks likely to be a brighter one.

President Biden said, “During National Small Business Week, we celebrate the grit and strength of every entrepreneur who has chased a dream and put in the hard work each day to see their business and our Nation thrive.”

In the first quarter of the year, we reported on the economic fears that a harsh forecast could have brought. These have been, to a certain extent, less of a shock to the economy as the Jobs Report provided a possible bright path for those looking for employment and those already contributing to the American workforce.

The President looked back at his first years in office, during the pandemic and the economic challenges that brought. He spoke of his administration, which “reformed the landmark Paycheck Protection Program, which got quick help to thousands of small businesses so they could keep paying their workers. We delivered $450 billion in relief to help 6 million small businesses cover their bills and stay afloat. I signed the American Rescue Plan, which provided additional support to 100,000 restaurants and to 225,000 child care centers, which so many parents rely on to be able to work themselves.”

Despite a gloomy forecast, we reported on the surge in support of support for Wall St traders. This has resulted in favorable projections well into 2024, and the subsequent financial reports will be awaited with bated breath.

This has been further boosted by the Small Business Administration expanding access to low-cost small-dollar guaranteed loans.

The President continued, ” The SBA finalized rules that will provide rural and minority, women, and veteran-owned small businesses with more affordable loan options by authorizing more non-traditional lenders, like Community Development Financial Institutions, to offer guaranteed loans.”

The U.S. has avoided a mini-recession, and small businesses have played their part in keeping reality at bay. Leading U.S. companies have also recorded their best financial reports in two years.

The President would conclude that “America is in the midst of a historic small business boom. Americans have filed a record 17 million new business applications — and every one of them is an act of hope. The share of Black-owned businesses has more than doubled between 2019 and 2022, and Latino business ownership is growing at the fastest pace in at least a decade, generating new jobs and new wealth in local communities.”

Image: White House Press Office.

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