Economics News

Economics

Motor vehicle insurance increasing 565% more than the rate of overall inflation

The latest Consumer Price Index summary found that the cost of motor vehicle insurance rose 22.6% over the last year, according to the Bureau of Labor Statistics, while the overall rate of inflation for the last year was 3.4%.
Economics

SBA ranked among top ten best midsize agencies to work in federal government

The U.S. Small Business Administration (SBA) announced today that it has been ranked seventh among the top 10 best midsize agencies to work in the federal government in 2023. The SBA's score rose slightly from 76.6 in 2022 to 76.9 this year.

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Economics

SBA Administrator Guzman visits Kane, PA as part of Rural America Tour

On Friday, May 17, Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA) and Senator Bob Casey will visit Kane, Pennsylvania. The visit is part of the Biden-Harris Administration's Investing in Rural America Tour. As the head of the SBA and a representative voice for America's over 33 million small businesses in President Biden’s Cabinet, Guzman's tour aims to connect with local small business owners and economic development leaders.

Economics

SBA roundtable celebrates AANHPI Heritage Month, discusses support for entrepreneurship

On Tuesday, May 14, Isabel Casillas Guzman, the SBA Administrator, conducted a roundtable with Asian American, Native Hawaiian, and Pacific Islander (AANHPI) business leaders. The meeting was organized to celebrate AANHPI Heritage Month and to discuss ways in which the Biden-Harris Administration can further support entrepreneurship within the AANHPI community.

Economics

SBA awards $300k to organizations for women veteran entrepreneurship training programs

Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and representative for America's over 33 million small businesses in President Biden’s Cabinet, announced today a $300,000 funding allocation to three organizations. These funds are intended to deliver the SBA’s Women Veteran Entrepreneurship Training Program (WVETP) to local veterans.

Economics

Progressive Insurance® and Hello Alice Launch $1 Million Grant Program for Small Business Owners

Progressive Insurance® and Hello Alice have teamed up to launch a new grant program aimed at supporting small business owners across the United States. The Driving Small Business Forward grant program will award 20 recipients with a $50,000 grant each to be used towards the purchase of a commercial vehicle for their business.Karen Bailo, Commercial Lines President at Progressive Insurance, expressed the company's commitment to empowering small business owners through this initiative, stating, "As a purpose-led company, Progressive is committed to empowering small business...

Economics

Biden-Harris Administration Announces New Rule to Increase Economic Opportunity for Returning Citizens

In an effort to increase economic opportunities for returning citizens, the Biden-Harris Administration has implemented a new rule aimed at removing barriers that have long hindered individuals with criminal histories from accessing small business loans. The rule, finalized by Administrator Isabel Casillas Guzman of the U.S. Small Business Administration (SBA), will allow more returning citizens, including those on parole and probation, to be eligible for SBA-backed loans to start or grow their businesses.SBA Administrator Guzman emphasized the significance of this rule...

Economics

White House Roundtable Celebrates Record-Breaking Investment in Small Businesses

WASHINGTON – SBA Administrator Isabel Casillas Guzman led a roundtable at the White House to mark the beginning of the 2024 National Small Business Week. The event aimed to announce the release of the SBA’s Fiscal Year 2023 Procurement Scorecard and showcase the Biden-Harris Administration's dedication to supporting small businesses since taking office.Administrator Guzman, alongside National Economic Council Director Lael Brainard and White House Domestic Policy Advisor Neera Tanden, highlighted the achievements in small business contracting. The SBA Administrator...

Economics

Louisiana Small Business Owner Named 2024 National Small Business Person of the Year

WASHINGTON – Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 33 million small businesses, named Iam C. Tucker of Integrated Logistical Support, Inc. (ILSI) in Louisiana as the National Small Business Person of the Year for 2024 at the National Small Business Week (NSBW) awards ceremony in Washington, D.C.Administrator Guzman expressed her admiration for the winner, stating, "The SBA is proud to recognize 2024 National Small Business Person of the Year Iam...

Economics

Biden-Harris Administration Awards Record-Breaking $178 Billion in Federal Procurement Opportunities to Small Businesses

WASHINGTON – The Biden-Harris Administration has set a new milestone by awarding a record-breaking $178.6 billion in federal procurement opportunities to small businesses, exceeding the Fiscal Year 2023 small business contracting goal of 23%. This achievement was highlighted by SBA Administrator Isabel Casillas Guzman during a roundtable discussion to mark National Small Business Week.Administrator Guzman emphasized the administration's commitment to supporting small businesses, stating, "Through President Biden’s Investing in America agenda, we have championed...

Economics

Progressive Insurance® Announces Over 10,000 Job Openings to Accommodate Continued Growth in 2024

Progressive Insurance has revealed plans to hire thousands of individuals for various roles across the United States in 2024. The company, known for its progressive and inclusive company culture, is actively seeking qualified candidates to support its expanding customer base.Bill Clawson, Progressive's Chief Human Resources Officer, emphasized the importance of the company's workforce, stating, "Our talented group of more than 60,000 employees across the country are at the forefront of what we do, and we're committed to meeting the needs of our current employees as well...

Economics

Progressive Insurance® Seeks to Fill Over 10,000 Job Roles in 2024 Amid Continued Growth

Progressive Insurance has announced plans to hire thousands of job seekers for various roles across the country in 2024 as part of its continued growth. The company reported a significant increase in total revenue in 2023 and has maintained this growth into the new calendar year, prompting the need for more employees to support its expanding customer base.Bill Clawson, Progressive Chief Human Resources Officer, emphasized the importance of their workforce by stating, “Our talented group of more than 60,000 employees across the country are at the forefront of what we do,...

Economics

SBA Administrator Guzman to Kick Off National Small Business Week with Events April 28-29 in Washington, D.C.

SBA Administrator Isabel Casillas Guzman is set to launch National Small Business Week (NSBW) events in Washington, D.C. on April 28-29. The event will bring together the 2024 Award Winners, individuals who exemplify the resilience and determination driving the nation's economy.During the event, the Small Business Administration (SBA) will honor various stakeholders for their contributions to entrepreneurial development, federal contracting, lending, disaster recovery, and more. Administrator Guzman stated, "The press is invited to attend all events and must RSVP......

Economics

SBA Recognizes 2023 T.H.R.I.V.E. Program Winners

Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA), announced the recognition of the 2023 T.H.R.I.V.E. Emerging Leaders Reimagined cohort winners in Seattle and North Metro Puerto Rico. Guzman emphasized the Biden-Harris Administration's commitment to supporting small businesses through initiatives like the T.H.R.I.V.E. program, stating, "T.H.R.I.V.E. trainers play a crucial role in developing a robust network of trusted advisors and peer support networks across the country."The T.H.R.I.V.E. program, which stands for Train. Hope....

Economics

SBA Announces 2024 Growth Accelerator Fund Competition Stage One Winners, Up to $3 Million in Prizes Awarded

The U.S. Small Business Administration (SBA) has announced the winners of the 2024 Growth Accelerator Fund Competition (GAFC) Stage One, with each recipient receiving $50,000 in prize awards. Administrator Isabel Casillas Guzman highlighted the significance of these winners in fostering innovation and supporting small businesses, stating, "SBA’s Growth Accelerator Fund Competition Stage One winners join the SBA’s incredible network of entrepreneurial support organizations contributing to America’s innovative startup ecosystem."The competition focused on three theme areas:...

Economics

Inflation ticks up 3.4% regionally, car insurance a key driver nationally

The Consumer Price Index (CPI-U) for the New York-Newark-Jersey City region rose by 0.4% in March 2024, reflecting a 3.4% increase over the past year, driven primarily by higher costs for shelter and energy, as reported by the U.S. Bureau of Labor Statistics (BLS).

Economics

SBA Announces National Small Business Week Virtual Summit Schedule

WASHINGTON –Today, the U.S. Small Business Administration (SBA) and SCORE, mentors to America’s small businesses and a resource partner of the SBA, announced the schedule for the 2024 National Small Business Week Virtual Summit. The two-day online event, co-hosted by the SBA and SCORE, will take place from April 30 to May 1. Attendance is free of charge, but registration is required. To register, visit National Small Business Week Virtual Summit registration.This year’s National Small Business Week’s theme – “Building on the Small Business Boom” –celebrates the surge in...

Economics

Progressive Insurance® Announces 2023 Priority 20 Agents

Progressive Insurance has announced the list of agents who achieved a Priority 20 standing in 2023. Tricia Griffith, CEO of Progressive, expressed her excitement in celebrating with the high-performing agents who made the list. She stated, "When I received the latest list of agencies that achieved Priority 20 status based on their 2023 business results, I was so excited to celebrate with them. This prestigious award is a testament to the dedication and remarkable achievements of these independent agents. They have truly taken our partnership to new heights, showcasing...

Economics

Progressive Insurance® Recognizes 2023 Platinum 25 Agents

Progressive Insurance CEO, Tricia Griffith, expressed her delight in recognizing the top 25 Progressive Platinum Program Blue-level agents who achieved a Platinum 25 standing in 2023, stating, “Once again, I’m delighted to recognize our newest class of Platinum 25 honorees.” She commended these agents for their commitment to building their preferred bundled home and auto business with Progressive while providing exceptional service to customers, saying, “We’re honored to welcome this year’s class and applaud their achievements.”The 2023 Platinum 25 agents include Couri...

Economics

SBA Statement on Biden-Harris Administration Exceeding Small Disadvantaged Business Contracting Goal

Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), praised President Biden's administration for surpassing the annual goal for federal contracting dollars awarded to Small Disadvantaged Businesses (SDBs) in FY2023. Guzman stated, "Today’s announcement shows the results, with a new record of contract spending with Small Disadvantaged Businesses and steady progress towards President Biden’s goal of awarding 15% of federal contracting dollars to Small Disadvantaged Businesses by FY2025."In response to President Biden's call to...