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January 30 (UPI) — Vice President Kamala Harris heralded the efforts the Biden Harris administration has been making to support small businesses and boost the economy when she appeared in Raleigh, North Carolina, on Monday.
With investments in the Small Business Management Program and the White House Community Bank, Harris argued that now is the time to start a small business.
The vice president said the Biden Harris administration has put $12 billion in government money into community banks.
The event was held at the Duke Energy Center’s Fletcher Auditorium.
“The work we’ve been doing over the last few years is maximizing that additional funding capacity to increase access to capital,” Harris said.
Harris said many of the small business owners she met across the country had been told at some point by a national bank that they “can’t bank”. Until they went to a community bank, she said, they weren’t told the loan options and educated about what was available.
She went on to say that community banks are more responsive to the wants and needs of the communities they serve.
More small businesses have started in the United States in the past two years, according to Harris, than in any two years in U.S. history.
Forbes reports that about half of all employees are employed by small businesses. And 8% of his small business owners are the only employees in their companies.
About 75% of US manufacturing is done by small businesses with 20 or fewer employees.
Harris said the massive influx of infrastructure work funded by Biden’s infrastructure plan, the Bipartisan Infrastructure Act, would create a wealth of opportunities for small businesses, including electricians, engineers and construction workers. .
Harris said the administration will increase federal contracts for minority-owned businesses by 50 percent over the next four years and continue to focus on who receives federal contracts, which is a lucrative opportunity for contractors and subcontractors. He said he would.
“That’s a lot of fabric that goes into those deals,” she said.
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