ATLANTA – The Southeast has the largest number of small business start-ups in the country with new business applications reach a record 16 million.
Release:
Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) joins SBA Regional Administrator Allen Thomas in celebrating new Census data showing 5.5 million new business applications were filed in 2023. This included 1.4 million applications in the Southeast, of which, nearly 19 percent were in Georgia.
This represents the third consecutive year of historic small business growth across the nation and the highest number of new business applications coming from the Southeast – the most in the nation. Due to President Biden’s Investing in America Agenda, the United States has experienced the first, second, and third strongest years of new business application rates on record.
“More Americans than ever are pursuing their dreams of business ownership as the rate of new business applications filed and establishments under President Biden continues to surge,” said Administrator Guzman. “In the last year alone, Americans across the country and in a wide range of industries filed a record five and a half million new business applications, bringing the total number under this Administration to a record-breaking 16 million. America’s great diversity continues to propel entrepreneurship with Black, Latino, and women founders starting up at higher rates than ever.As we enter 2024, the SBA will continue its work to increase access to the resources needed to start and grow resilient new businesses, harnessing the unique optimism and ingenuity of American entrepreneurs.”
“Over the past three years of President Biden’s Investing in America agenda, we’ve seen entrepreneurs from across the Southeast file more than 4 million applications to start a business—the fastest pace for new business creation ever recorded,” said Regional Administrator Allen Thomas. “The SBA has improved and streamlined programs and services to make it easier than ever for small businesses to start and grow across the Southeastern Region and capitalize on entrepreneurial opportunities. This is only the beginning- we have a lot of growth yet to come.”
“In the Georgia District, we have seen more than 277,000 start up applications this past year,” said Terri Denison, Georgia District Director. “Having the second highest total number of applications in the Southeast is a testament to how there is a strong, continued desire to be an entrepreneur in our state. Georgia is ranked as one of the top states to do business in the nation due to a stable economy and solid infrastructure that includes one of the busiest ports in the U.S. and access to the world’s busiest airport. There are also opportunities in the state due to the Infrastructure Bill, a rapidly emerging Electric Vehicle industry, and a popular TV & Film industry. There’s a lot going on in Georgia, and our SBA programs, services and outreach will help small business owners leverage these opportunities.”
Since President Biden took office, there have been 16 million new business applications – the highest recorded amount in a three-year period. From 2021-2023, the U.S. has seen more new business applications than the prior four years combined. The surge has featured outsized growth in entrepreneurship among women, Latinos, and Black Americans.
The Biden-Harris Administration’s Investing in America agenda has fueled this small business boom with historic federal investments – including the American Rescue Plan, Bipartisan Infrastructure Law, and Inflation Reduction Act. The SBA has helped ignite and sustain this boom by closing capital access gaps, increasing outreach to underserved entrepreneurs, and bolstering competition both domestically and abroad.
For more information about the SBA’s loan programs, financial assistance, and other services, visit sba.gov.
