The Biden-Harris Administration has prioritized small business growth and entrepreneurship, resulting in a remarkable surge in new business applications and the creation of millions of jobs. According to a recent analysis from the U.S. Department of the Treasury, small businesses have generated over 70 percent of net new jobs since 2019, with the U.S. averaging 430,000 new business applications each month in 2024—a 50 percent increase compared to 2019. This entrepreneurial boom reflects the administration's commitment to making access to capital a priority, particularly through initiatives like the State Small Business Credit Initiative (SSBCI).

Among the key players in this transformative landscape is Sway Impact, which operates the HBCU Founders Fund. This fund is dedicated to supporting startups led by alumni, students, and faculty from Historically Black Colleges and Universities (HBCUs). By providing an initial investment of $120,000 to selected startups, Sway Impact is not only fostering innovation but also empowering underrepresented communities to thrive in the business sector.

As Vice President Kamala Harris noted, “small businesses are the backbone of our communities.” The HBCU Founders Fund exemplifies this ethos by addressing the unique challenges faced by HBCU-affiliated entrepreneurs, ensuring they have the resources, support, and opportunities necessary for success.

With ongoing efforts and federal support, Sway Impact's mission aligns with the broader strategy of nurturing entrepreneurship across underserved communities. As we continue to witness the remarkable growth of small businesses in America, initiatives like the HBCU Founders Fund play a critical role in shaping a more inclusive and dynamic economic future.

For more insights on the impact of small businesses during the Biden-Harris Administration, check out the full report by the U.S. Department of the Treasury.