President Biden’s Invest in America initiative delivers generational investments to grow the U.S. economy, restore competitiveness, address climate change, and bring manufacturing back home, while strengthening small businesses, the backbone of our economy. Invest in America’s economic policies have driven a small business boom nationwide, with new business applications reaching new highs, second and third place on record in Biden’s first three years in office. More than 17 million new business applications have been filed in the U.S. since 2021, according to the latest Census data, including 28,000 in North Dakota.
With the pandemic over and SBA offices across the country reopening, there is increased demand for our business training services, loan programs and information on how business owners can win federal contracts. The “Invest in America” agenda refers to four major bipartisan pieces of legislation signed and enacted during President Biden’s first three years in office: the American Rescue Plan Act, the Bipartisan Infrastructure Act, the CHIPS and Science Act and the Curb Inflation Act.
Each of the four new laws contains major public investments in our economy and America’s critical systems. These four pieces of legislation launched a wide range of initiatives, including rebuilding our roads, bridges, and airports; strengthening our supply chains; and upgrading our clean energy and clean water systems. To date, these historic laws have secured funding for more than 23,000 infrastructure projects across the United States, including a $1.5 billion investment in electric vehicle charging stations on U.S. highways and expanding affordable internet access to 16 million homes. All of this has resulted in more than $425 billion in total private sector manufacturing investment and the creation of more than 800,000 new manufacturing jobs.
To help entrepreneurs benefit from these four new laws, SBA Administrator Isabel Casillas Guzman is ensuring that small businesses have the resources, tools and know-how to take advantage of the vast new federal investments available to them now and in the near future, which is why the SBA launched the new Investing in America Small Business HUB (www.sba.gov/IIAhub).
The Investing in America Small Business Hub helps entrepreneurs access the resources, funding opportunities and support they need to take advantage of these opportunities and strengthen their businesses. At the hub, business owners can get information on how to apply for the many Inflation Reduction Act rebates and tax credits available to complete residential energy efficiency projects. Business owners also learn about IIA-funded federal construction projects in their state and determine how the CHIPs Act could benefit their bottom line.
The IIA Small Business Hub includes new technical assistance guides to help entrepreneurs access Investing in America grants, contracts and market opportunities. It also points business owners to SBA resources that can help them get the capital they need to expand and the certifications they need to qualify for IIA funding. As part of this effort, the SBA will work with other federal agencies to host regional events and webinars to connect directly with small businesses and provide assistance on how to access IIA contracting opportunities and incentives like home energy rebates and tax credits.
Now is the perfect time for entrepreneurs to take advantage of this historic federal program that directly benefits our business community. To learn more about the Small Business Hub, visit www.sba.gov/IIAhub.
Aikta Marcoulier serves as the SBA’s regional administrator in Denver.
