Vice President Kamala Harris has expressed strong backing for small businesses and entrepreneurship in the United States. Let us delve into seven key points that shed light on how her agenda may impact small business owners.
1. Acknowledging the Importance of Small Businesses
In an address in August 2023, Harris recognized the significance of small businesses, referring to them as the foundation of communities and the pride of the nation. She also unveiled the Biden-Harris Administration’s intentions to enhance support and access to funding for small business owners, including a $125 million investment across 43 small-business accelerators.
2. Tackling Entrepreneurial Obstacles
During a trip to Raleigh, North Carolina, Harris emphasized the various challenges faced by entrepreneurs, particularly Latinx small business owners. These hurdles include language barriers, financial literacy, and difficulties in obtaining capital. Harris underscored the need to address these obstacles to bolster the growth of small businesses.
3. Backing Women Entrepreneurs Amid the Pandemic
Harris has spoken out about the hardships experienced by women entrepreneurs, especially during the pandemic. She stressed the necessity of addressing the nation’s care infrastructure and revealed the Women in the Sustainable Economy Initiative to economically empower women and broaden their access to resources. This initiative aims to support women in leadership roles and provide crucial financial resources for their success.
4. Advocating for Diverse Entrepreneurs
Harris acknowledged the lack of support from traditional banks and venture capital firms for women entrepreneurs and those of colour. She collaborated with fellow lawmakers to secure a $12 billion investment for community lenders and announced private commitments to make deposits at community lenders, thereby offering financial support to diverse entrepreneurs.
5. Recognizing the Impact of Entrepreneurs
Harris shared the story of Regina Shelton, her childhood neighbour, who operated a nursery and left a profound impact on her community. She also finalized a rule to bolster the Child Care & Development Block Grant programme, aiming to support families participating in the programme.
6. Emphasizing the Role of Small-Business Leaders
During a roundtable with young men of colour who are small business owners, Harris underscored the multifaceted role of small-business leaders as not only innovators and entrepreneurs, but also as civic and community leaders who inspire and mentor others. She pointed to the substantial investment made through the American Rescue Plan to support small businesses, particularly those owned by Black and Latinx founders.
7. Commending Small-Business Growth
Harris praised the surge in small businesses in America, attributing it to the investments made by the Biden-Harris Administration. She highlighted that 10.5 million new small business applications had been filed since taking office, with that number increasing to over 18 million by June.
Kamala Harris’s remarks and actions reflect a dedication to supporting and empowering small business owners and entrepreneurs. Her initiatives and investments aim to address the barriers faced by diverse entrepreneurs, particularly women and people of colour, and foster a thriving environment for small businesses across the nation. As Vice President, Harris continues to champion the resilience and innovation of small-business leaders, recognising their crucial role in driving economic growth and prosperity for communities.