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This week the Small Business Administration (SBA) announced that during the first two years of this administration there were more than 10 million new applications for small entrepreneurs. This is a sign that President Joe Biden’s economic plan is working.
The podcast was attended by the SBA adviser, Veronica Puginwho offered this information in greater detail.
What does this increase in applications for small entrepreneurs represent for the Biden administration?
“It reflects that President Biden’s policies are working, he has not focused only on promoting recovery after the pandemic and its economic impact, but on promoting economic growth and birth. This benefits the majority of the country (…) President Biden with his policies is promoting the American dream of a small business, ”he said.
Pugin added that “at the same time you see the lowest unemployment rate, primarily for the Hispanic community, in history.”
What role has the pandemic played in these conditions?
The SBA adviser pointed out that “the pandemic has had an impact, but they do not represent the entire number of applications.”
“Before the pandemic in 2019 we saw 3.5 million applications for small businesses, so one could say that this figure represents the regular level of activity for this type of application, but in 2022 it was 5 million, that is, it is they are creating more small businesses last year than before the pandemic,” he explained.
How many of these 10 million applicants could have a positive response to their application?
“This is to create a small business, it is not for capital or financing, so the people who make this type of application, have all the legal requirements to have a small business, they will be approved, since there is no quota limit. and besides, the government wants to promote entrepreneurship,” said Pugin.
Can these requests continue to rise?
The SBA adviser clarified that this information “cannot be known with certainty, because, on the one hand, it is positive to see applications for a small business and on the other, in the Small Business Administration we are looking at how to support this growth and in the jobs they offer, as they are good for their communities.”
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