Biden’s farewell address shows how much was accomplished, how much is left to do

President Joe Biden’s farewell address Wednesday night marked the conclusion of a presidency defined by transformative efforts to uplift small businesses and support minority communities. Reflecting on his tenure, Biden highlighted key accomplishments that underscored his administration’s commitment to equity, economic growth and resilience.

One of Biden’s signature achievements was the American Rescue Plan, enacted in 2021 to combat the economic fallout of the COVID-19 pandemic. The ARP included targeted provisions for small businesses, such as enhancements to the Paycheck Protection Program and the Restaurant Revitalization Fund. These initiatives prioritized businesses in underserved communities, ensuring that minority-owned enterprises, often disproportionately affected by economic downturns, received critical relief.

Biden’s administration also launched the Community Navigator Pilot Program, designed to connect small businesses with federal resources. This program relied on local organizations to guide entrepreneurs, particularly those in historically marginalized communities, through complex application processes and grant opportunities. By tailoring support to the unique needs of minority entrepreneurs, the initiative fostered inclusive economic recovery.

Biden emphasized his administration’s work in addressing longstanding disparities in access to capital. Through partnerships with Community Development Financial Institutions and Minority Depository Institutions, the Biden administration expanded lending opportunities for minority-owned businesses. These efforts provided essential funding for entrepreneurs who had historically faced barriers to accessing traditional financing options.

Biden’s farewell address also highlighted the administration’s investments in infrastructure and technology. The Infrastructure Investment and Jobs Act allocated funds for modernizing transportation, broadband, and energy systems. These improvements created jobs and bridged digital divides in rural and minority communities, enabling small businesses to thrive in a more connected economy.

Education and workforce development were central to Biden’s strategy for empowering small business owners and workers alike. Initiatives such as expanded Pell Grants, investments in Historically Black Colleges and Universities and workforce training programs equipped individuals with skills to meet the demands of a changing economy. These efforts aimed to level the playing field for minority communities and foster pathways to entrepreneurship.

Another significant accomplishment was Biden’s commitment to increasing federal procurement from small and disadvantaged businesses. The administration set ambitious goals for awarding contracts to minority-owned enterprises, unlocking billions of dollars in economic opportunities. This policy boosted revenues for these businesses and underscored their integral role in driving innovation and growth.

In his farewell address, President Biden acknowledged the challenges that remain, including persistent wealth gaps and systemic inequities. However, he expressed optimism about the foundation his administration laid for a more inclusive economy. He urged future leaders to build on these efforts, emphasizing the importance of sustained investment in small businesses and minority communities as engines of progress.

Biden’s presidency left a lasting impact on small businesses and minority entrepreneurs, demonstrating that targeted policies and investments can drive meaningful change. His farewell address was not just a reflection on past achievements but also a call to action, reminding the nation of its shared responsibility to create opportunities for all Americans, regardless of background or circumstance.

As a small business owner, a woman and an African American entrepreneur, I thank President Biden for his unwavering commitment to these causes. His leadership has paved the way for greater equity and opportunity, and his vision for an inclusive economy inspires hope for the future. His presidency has proved to be a shining example of what Dr. Martin Luther King Jr. meant when he said, “The time is always right to do what is right.”

Teresa M. Lundy is the principal and founder of TML Communications, and is a member of City & State’s executive advisory board.