Statement by President Joe Biden on record small business purchases

I came to the office determined to build the economy from the middle and from the bottom up, not the top down, which is Bidenomics, and supporting small businesses has been central to the progress we’ve made. In my first two years, most Americans signed up to start small businesses. Today’s report from the Small Business Administration shows that we’ve also made progress in leveling the playing field in federal contracts, with a record $163 billion going to small businesses. In the past fiscal year alone, our policies supported one million small business jobs.

This report also shows that progress has been made in increasing the share of federal contracts that go to small, disadvantaged businesses. Vice President Harris and I are committed to ensuring that federal investments create wealth and opportunity for underserved entrepreneurs and small business owners in every community across the country. Small businesses are the engines of our economy and the heart and soul of our communities, and investing in our small business owners means investing in competition and job creation.

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