(AURN News) — The Biden administration is touting record-breaking numbers in small business growth and federal contract awards as it prepares for the transition of power.

President Joe Biden reported Friday that his administration has overseen 21 million new business applications, claiming it as the highest number under any administration.

"My Administration has empowered this unprecedented wave of entrepreneurship by significantly expanding access to capital and by making historic investments in infrastructure, manufacturing, and clean energy that are benefiting small businesses in communities across the country,” Mr. Biden said in a White House statement.

The administration also highlighted new achievements in federal contracting.

"Today, the Small Business Administration announced that the federal government built on this support by awarding $183 billion in federal contracts to small businesses and $78 billion to small disadvantaged businesses in Fiscal Year 2024 – both record totals," the President said.

To learn more visit: sba.gov.

Learn more about your ad choices. Visit megaphone.fm/adchoices