SBA chief: Business applications record reflects pandemic recovery

Isabel Casillas Guzman"That makes the first, second, third strongest years on record and we're aiming for the fourth," she says.Entrepreneurial energy has largely persevered despite a rolling set of challenges — the pandemic, supply chain issues, high inflation, geopolitical tensions and the rising costs of borrowing and doing business.Many Americans had reprioritized their values during the Great Resignation as unprecedented levels of federal aid flowed into household savings.

Those levels of excess savings ushered in strong consumer spending as the job market remained tight, which in turn boosted wages that created more consumer activity.Data showing rates of business growth "higher than historical averages" is "an important indicator of how our nation has recovered from the pandemic," Guzman said.

At the same time sentiment data from surveys can shed light on "things we need to start preparing for," such as hiring or ways to manage inflation.has boosted big businesses and Wall Street over the past year and a half, small businesses haven't been left behind.The AI revolution is also taking place at a "unique time" for small businesses, she says, because entrepreneurs have been more open to adopting technology after doing so during the pandemic to survive.

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SBA Opens Business Recovery Center in BaltimoreThe U.S. Small Business Administration (SBA) announces the opening of a business recovery center in Baltimore. Baltimore Mayor Brandon Scott, Rep. Kweisi Mfume, and Sen. Ben Cardin attend the press conference held at the center. SBA administrator Isabel Guzman addresses the audience, emphasizing the importance of supporting small businesses in their recovery efforts.
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