The Biden administration is looking to strengthen the small business sector by expanding access to capital, investments, technical assistance and services required to support the companies’ growth initiatives.

As part of the initiative, the administration has proposed rules to diversify the network of private funds and managers that provide long-term debt or equity investments to small businesses and extend additional licenses to nonbank lenders and community development financial institutions, the White House said Tuesday .

The Small Business Administration is also proposing to update regulations governing certain loan programs to ease processing burdens for small business borrowers.

In December 2022, SBA partnered with the Department of Defense to launch the Small Business Investment Company Critical Technologies Initiative to drive investments in critical technologies that are key to national security.

The Department of the Treasury has also implemented the State Small Business Credit Initiative to provide a total of $10 billion to state, local and tribal governments to expand access to capital for small businesses.

Data from the Census Bureau revealed that more than 10 million small businesses were established from 2021 to 2022, the highest recorded number for a two-year span.