Nearly 5.4 million new small businesses were created in the United States in 2021, the most productive year for corporate registrations, according to new data from the Small Business Administration, CNN reports.
The top employer business demographic, small businesses hired 1.9 million new workers in the first three quarters of 2021, recovering much of the losses the sector experienced during the coronavirus pandemic. In most cases, a small business owner is not considered an employee for statistical purposes.
President Joe Biden will host a roundtable with small business owners Thursday, highlighting a new SBA initiative to provide $100 million to the Community Navigator Program, a federal program targeting small businesses in underserved communities. Biden will also announce that he’s doubling funding for the Minority Business Development Agency.