US Vice President, Kamala Harris Announces $125M Support Fund for BIPOC Businesses

US Vice President, Kamala Harris is leading the move in support of underserved Black businesses across America that have suffered from underfunding and difficulties accessing capital.

She announced the Capital Readiness Program and the 43 winning organizations. It was a mix of both nonprofit and community-based organizations, private sector entities, and institutions of higher education situated across the country.

She said,

• President Biden and I firmly believe that for America’s economy to be strong, America’s small businesses must be strong. I am proud to announce that we will invest an additional $125 million in small businesses across our country through a national network of small business incubators and accelerators.

• President Biden and I 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.

The Capital Readiness Programme, according to AFRO News is the largest-ever direct federal investment in small company incubators of its kind. The organizations are working together to help and teach underprivileged entrepreneurs who are looking for resources, tools, and assistance to establish or develop their firms in high-growth, high-wage areas including healthcare, climate-resilient technology, asset management, and infrastructure. 

The Biden administration's commitment to small businesses is part of the administration's plan to grow the economy from "the middle out and bottom-up, not the top down," as the president and vice president have overseen the disbursement of nearly $10 billion through the Treasury Department's State Small Business Credit Initiative (SSBCI). 

The Bridgeway Capital in Pittsburgh, Pennsylvania Arizona, Arizona Hispanic Chamber of Commerce Foundation in Phoenix, 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 are among the new program's winners.