In 2024, federal agencies awarded a record $183 billion in contracts to small businesses, including $78 billion to small disadvantaged businesses. The Biden-Harris Administration has facilitated a historic surge in entrepreneurship, with 21 million new business applications filed since taking office, marking a 90% increase compared to pre-pandemic levels. Small businesses, crucial for economic growth, account for over 40% of GDP and two-thirds of new jobs. The administration has significantly supported small businesses through pandemic relief, increased lending, and initiatives to enhance access to capital, particularly for underserved communities, while also lowering operational costs through the Inflation Reduction Act.