president-biden-takes-credit-for-prompting-financial-boom-for-black-owned-small-businesses-this-year

President Biden Takes Credit For Prompting Financial Boom For Black-Owned Small Businesses This Year

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by Mary Spiller

December 23, 2023

Biden cited several of his biggest investments as being incredibly lucrative for disadvantaged businesses and communities.


During a Milwaukee event, President Joe Biden took credit for creating a financial boom for Black-owned small businesses. On Dec 20, he brought to the forefront some of the Biden-Harris administration’s investments that have generated considerable revenue for Black entrepreneurs. 

“I’m here to celebrate the progress we’re making to support Black small businesses here and around the country,” President Biden added, “When Black small businesses grow…the community benefits, everyone benefits.”

He claimed the Biden-Harris administration has been on the front line against the Republicans who are “against so many critical actions that help working- and middle-class people, especially Black Americans,” theGrio reported.

Since he and Vice President Kamala Harris were elected, Biden claimed that a record number of 15 million new applicants to start businesses surfaced. Black households with business ownership particularly doubled between 2019 and 2022.

The administration added that this has always been their goal and that bolstering economic support for Black-owned businesses has driven many of their policies and contacts. Biden cited that $70 billion in federal contracts have been awarded to disadvantaged small businesses, and $12 billion has been invested into Black communities and their leaders to provide more equitable resources for their local businesses.

These sentiments were echoed earlier in the day during a White House press call, according to theGrio. Stephen Benjamin, director of the White House Office of Public Engagement and senior adviser to the president, said, “When Black-owned businesses do well, they create jobs.”

“We generate wealth in our own communities, and we make the broader economy that much stronger.”

Michael Negron, special assistant to the president for economic policy at the National Economic Council, added that the Biden-Harris administration’s spending and investments have truly made a difference for everyday Black Americans and acknowledged that according to a survey of consumer finances from the Federal Reserve Board, wealth for the average Black family increased by 61% between 2019 and 2022.

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