Michael Bloomberg files to get on Arkansas Democratic ballot

Billionaire takes a big step toward 2020 run.

Businessman and former New York City Mayor Michael Bloomberg filed paperwork on Tuesday to get on the Democratic ballot in Arkansas.

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"Can confirm Mayor Mike Bloomberg will be on the Arkansas Primary Ballot for U.S President," Arkansas Democratic Party communications director Reed Brewer wrote on Twitter with a photo of Bloomberg in Little Rock, Arkansas.

The primary is March 3.

Bloomberg – a billionaire Republican-turned-Democrat – may be friendlier to business than his Democratic rivals.

MICHAEL BLOOMBERG PREPARED TO SELL NAMESAKE FIRM FOR PRESIDENTIAL RUN

"We must defeat Trump," he tweeted. "He has failed us at every turn."

The party's more moderate frontrunner, former Vice President Joe Biden, has not consolidated support as quickly as some thought he might. According to a report from The New York Times, that is why Bloomberg is considering entering the race.

On Thursday it was reported that the businessman had dispatched staffers to Alabama to gather signatures to qualify for the state's primary, as he purportedly prepares to file paperwork this week to declare himself as a Democratic candidate in the state.

Bloomberg's adviser, Howard Wolfson, confirmed in a statement to Fox News that he is taking steps to enter the race because he is concerned that the current field of candidates is not well-positioned to defeat Trump.

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FOX Business' Brittany De Lea contributed to this report.