VP Harris announces $125M to support Black-owned small businesses and boost economic recovery.

Vice President Kamala Harris is making it her mission to level the playing field for Black entrepreneurs, who have historically struggled with underfunding and difficulty accessing capital. To achieve this, she recently announced the Capital Readiness Program, which will involve an additional $125 million investment into small businesses across the United States.

This investment is a mix of non-profit and community-based organizations, private sector entities, and institutions of higher education that are located all over the country. Harris said “President Biden and I firmly believe that for America’s economy to be strong, America’s small businesses must be strong. We are fighting to ensure that every entrepreneur in America—no matter who they are or where they live—can access the capital to start or grow a business, create jobs, and thrive.”

According to AFRO News, this is the largest-ever direct federal investment into small business incubators of its kind. The organizations involved plan to help and train underserved entrepreneurs, providing them with the resources, tools, and support they need to start or expand their businesses in high-growth, high-wage industries such as healthcare, climate-resilient technology, asset management, and infrastructure.

The Biden administration’s commitment to small businesses is part of its plan to grow the economy from the middle out and bottom-up. So far, President Biden and Vice President Harris have overseen the disbursement of nearly $10 billion through the Treasury Department’s State Small Business Credit Initiative.

The Capital Readiness Program will cover 43 winning organizations, including the Arizona Hispanic Chamber of Commerce Foundation in Phoenix, Arizona, Bridgeway Capital in Pittsburgh, Pennsylvania, The Urban League of Greater Atlanta, Georgia, The Northern Great Lakes Initiative in Marquette, Michigan, and The Capital Region Minority Supplier Development Council in Silver Spring, Maryland.

Vice President Harris’s Capital Readiness Program is a noteworthy step towards providing a fair chance to Black entrepreneurs, and helping them to thrive and succeed. This historic investment will help to ensure that all entrepreneurs have the access to the resources and support they need to start, grow, and scale their businesses.

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