President Biden is set to visit the Wisconsin Black Chamber of Commerce to showcase the success of Bidenomics in driving a significant boom in Black small businesses. The visit will also include the announcement of new investments in Milwaukee and communities across the country, reinforcing the administration’s commitment to fostering economic growth from the bottom up.
Under President Biden’s leadership, the United States is poised to experience the three strongest years in history for new small business applications. Notably, Black business ownership is growing at the fastest pace in 30 years, reflecting a substantial increase in entrepreneurial endeavors within the Black community.
During the visit, President Biden will be accompanied by the founder and owner of Hero Plumbing, a Black-owned small business contributing to the removal of lead pipes in Milwaukee. This initiative aligns with President Biden’s commitment to eliminate all lead service lines in the country by the end of the decade, benefitting from the historic $15 billion in funding through the Bipartisan Infrastructure Law.
While highlighting the historic investments made by the administration to support small businesses, particularly Black-owned enterprises, the President will address opposition from extreme Republicans in Congress. Despite attempts to dismantle key aspects of the President’s small business agenda, including unanimous opposition to the American Rescue Plan, the administration has persevered in supporting businesses through challenging times.
President Biden’s commitment to fighting for working families and small business owners contrasts with the opposing Republican stance, aiming to revert to what the administration terms as “failed trickle-down economics.” This ideological divide underscores the ongoing political challenges in shaping economic policies that benefit diverse communities.
The article emphasizes the intentional effort to erode opportunities for Black economic advancement, with the President acknowledging the vital role diversity plays in ensuring economic security. Unprecedented investments in Black communities aim to preserve the American dream and uplift marginalized populations.
President Biden’s Investing in America agenda has significantly contributed to historic gains in small business creation and entrepreneurship. Since taking office, a record 15 million applications have been filed to start new businesses. Black business ownership has seen remarkable growth, with the share of Black households owning a business doubling between 2019 and 2022.
The President’s initiatives include substantial financial support for small, disadvantaged businesses, totaling nearly $70 billion in federal contracts awarded in Fiscal Year 2022. Investments in community lenders, state programs, and specific allocations for Wisconsin further underscore the administration’s commitment to broad economic development.
As President Biden announces new investments and highlights small business growth in Milwaukee, the article sheds light on the broader context of the administration’s achievements in supporting Black-owned businesses. The President’s visit symbolizes a commitment to inclusive economic policies and stands as a testament to ongoing efforts to address disparities and foster opportunities for all Americans.