The U.S. Small Business Administration (SBA) is celebrating its 70th anniversary by participating in the closing bell tradition at the New York Stock Exchange (NYSE).
SBA administrator Isabella Guzman will ring the bell today, July 31, at 4 p.m. ET to mark the end of the trade session. Viewers can watch the ceremony live at nyse.com/bell. In a statement, Guzman highlighted the organization’s efforts to support entrepreneurs and its near-century-long track record of success: “In the seven decades since its founding, the SBA has financed billions, fueled some of our most iconic brands and innovative industries, and helped millions of hopeful entrepreneurs realize their American Dreams of business ownership. We have ensured competition and innovation through entrepreneurship to fuel the world’s strongest and largest economy.”
Today’s ceremony comes amidst a surge of entrepreneurship in the U.S. Guzman notes that the SBA has seen a record-breaking 12.2 million applications from small business owners under President Biden’s Investing in America program. Entrepreneurs also feel more optimistic about the economy, a trend that has surprised and encouraged government officials such as Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce. “71% [of small business owners] say that they’re expecting increased revenues in the upcoming year, which is real positive news for us,” Sullivan remarked in a recent interview here on ASBN.
Additionally, the SBA plans to reveal 68 recipients of the Legacy Business award throughout August. The award recognizes small businesses for their contributions to their communities and the nation’s economy, while highlighting the crucial support the administration provides to entrepreneurs.
The closing bell ceremony is a long-held tradition for the NYSE, although today, the ringing is controlled electronically rather than by hand. The exchange frequently hosts guest ringers to signify an event, such as a company’s first day of trades, or to recognize an organization’s achievements, such as the SBA’s 70th-anniversary celebration. The bell is also used by news platforms as an opener for the day’s stock coverage.