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Landmark government investments have led to entrepreneurship boom, including among small business owners of color

Small Business for America’s Future Co-Chairs Dr. Erika Gonzalez and Shaundell Newsome comment on President Biden’s upcoming visit to Milwaukee

Dec. 20, 2023– New small business applications are on track to have another banner year with a total close to the record reached two years ago.  An increasing number of the 10.5 million new small businesses created since 2021 are owned by people of color. In fact, Black-owned businesses are growing at the fastest pace in 30 years. Small Business for America’s Future is encouraged by the policies put in place that provide resources to help these hard working entrepreneurs succeed and is pleased to learn President Biden will talk about this at an event in Milwaukee at the local Black Chamber on Wednesday.

“Entrepreneurship is one of the stepping stones to building wealth for families, but there needs to be an inclusive system in place in order for everyone to have a shot at success.” said Small Business for America’s Future Co-chair Shaundell Newsome, Co-Founder of Sumnu Marketing. “I’m glad to see our leaders recognize that and will continue to work toward such a system.”

Policies like the Bipartisan Infrastructure Law, which included a provision that made the Minority Business Development Agency (MBDA) permanent, bolster resources to help entrepreneurs of color. This action authorizes regional offices and rural business centers and mandates grants to minority serving institutions so there’s infrastructure to help current minority business owners and future generations succeed. 

“These tools are essential to empowering the 5 million Latino-owned businesses across the country who are often under-resourced which keeps them from reaching their full potential,” said Small Business for America’s Future Co-chair Dr. Erika Gonzalez, CEO, President, & Co-Founder of South Texas Allergy and Asthma Medical Professionals (STAAMP) and STAAMP Clinical Research. “Policies like the Infrastructure Law help bridge those gaps and enable businesses to contribute even more to our economy and their local communities.” 

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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.