Vice President Harris champions economic opportunity for Black communities
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During a recent event, Vice President Kamala Harris emphasized the Biden administration's commitment to enhancing economic opportunities for Black communities. Speaking to a gathering of leaders from the 100 Black Men organization, Harris highlighted the importance of raising awareness about available resources and initiatives aimed at addressing historical barriers to capital access, homeownership, and entrepreneurship.
Harris outlined several key initiatives, including efforts to reduce debt and provide debt forgiveness, as well as tackling the racial wealth gap. She noted that the administration has successfully reduced Black unemployment to historic lows, but emphasized that employment is just the starting point for economic advancement. \"We know that it is important that we have reduced black unemployment to historic lows. But that's a baseline,\" she stated, underscoring the need for access to capital to transform ideas into viable businesses.
The Vice President also discussed her work in the Senate, where she helped secure $12 billion for community banks, which play a crucial role in supporting local entrepreneurs. She explained that community banks understand the unique needs of their neighborhoods and can provide tailored financial advice, fostering an environment conducive to business growth.
In her current role, Harris has established the Economic Opportunity Council, which aims to attract private investment into community banks. She reported that the initiative is on track to inject an additional $3 billion into these institutions, which are vital for supporting Black-owned businesses. Harris pointed out that venture capital funding for Black businesses remains disproportionately low, with only 2% of such investments directed towards them.
Additionally, the administration has committed to increasing federal contracts awarded to minority-owned businesses by 50%, which Harris described as a significant opportunity for wealth creation. She highlighted the potential long-term benefits of securing federal contracts, which can last for decades.
Harris also addressed recent legislative changes that now allow individuals with criminal records to apply for Small Business Administration loans, aiming to further expand access to capital for marginalized communities.
As part of her outreach efforts, Harris called on attendees to help disseminate information about these initiatives, stressing the importance of community engagement in leveraging available resources. \"Help me get the word out about what we are doing,\" she urged, reinforcing the administration's goal of ensuring that all individuals, particularly those in Black communities, are aware of and can benefit from the economic opportunities being created.
Harris outlined several key initiatives, including efforts to reduce debt and provide debt forgiveness, as well as tackling the racial wealth gap. She noted that the administration has successfully reduced Black unemployment to historic lows, but emphasized that employment is just the starting point for economic advancement. \"We know that it is important that we have reduced black unemployment to historic lows. But that's a baseline,\" she stated, underscoring the need for access to capital to transform ideas into viable businesses.
The Vice President also discussed her work in the Senate, where she helped secure $12 billion for community banks, which play a crucial role in supporting local entrepreneurs. She explained that community banks understand the unique needs of their neighborhoods and can provide tailored financial advice, fostering an environment conducive to business growth.
In her current role, Harris has established the Economic Opportunity Council, which aims to attract private investment into community banks. She reported that the initiative is on track to inject an additional $3 billion into these institutions, which are vital for supporting Black-owned businesses. Harris pointed out that venture capital funding for Black businesses remains disproportionately low, with only 2% of such investments directed towards them.
Additionally, the administration has committed to increasing federal contracts awarded to minority-owned businesses by 50%, which Harris described as a significant opportunity for wealth creation. She highlighted the potential long-term benefits of securing federal contracts, which can last for decades.
Harris also addressed recent legislative changes that now allow individuals with criminal records to apply for Small Business Administration loans, aiming to further expand access to capital for marginalized communities.
As part of her outreach efforts, Harris called on attendees to help disseminate information about these initiatives, stressing the importance of community engagement in leveraging available resources. \"Help me get the word out about what we are doing,\" she urged, reinforcing the administration's goal of ensuring that all individuals, particularly those in Black communities, are aware of and can benefit from the economic opportunities being created.
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