UPDATED, Aug. 4, 4:58 p.m. EST
Vice President Kamala Harris introduced Friday a new business program designed to aid small business owners at the Sycamore & Oak Retail Village on the campus of St. Elizabeths East in D.C.
“Our economy has not been working for working people,” Harris, 58, said to a capacity crowd. “Entire communities have been left out and left behind. Trickle-down economics. Well, it benefitted big corporations and the wealthiest Americans but not regular folks.”
According to recent reports, the U.S. has experienced a record number of new business applications, totaling 12.6 million under the Biden-Harris administration.
Harris said when she travels throughout the country and talks to entrepreneurs, they say unanimously they face the same problem.
“People tell me that access to capital is a problem,” she said. “They don’t have a relationship with big banks. As a result, we have worked to expand relationships with community banks.”
In order to help small businesses, Harris unveiled plans to provide grants to 43 non-profits and community-based organizations as part of the $125 million Capital Readiness Program (CRP). The program seeks to bolster historically underserved entrepreneurs’ access to capital, aligning with one of the critical pillars of what the White House has dubbed Bidenomics, a popular term for President Biden’s economic blueprint.
The CRP
The CRP, funded through the American Rescue Plan, represents the largest direct federal investment in small business incubators and accelerators. The program will be managed by the Minority Business Development Agency.
“The Capital Readiness Program will provide 43 business incubators the boots and the straps for entrepreneurs to seek and achieve the American Dream,” said Don Cravins, the Undersecretary of Commerce for Minority Business Development.
Cravins, 51, said the support and aid that entrepreneurs will receive won’t be the same.
“No one size fits all,” he said.
Harris said the CRP serves as a one-stop shop for businesses to succeed. She said the push is to help businesses break into new areas such as clean energy economy. These organizations, comprising non-profits, community-based entities, private sector firms, and institutions of higher education, will form partnerships to assist underserved business owners seeking resources, tools, and support to start or expand their firms in high-growth, high-wage industries like healthcare and climate-resilient technology, infrastructure. Washington, D.C. area concerns that will participate in CRP include the National Minority Supplier Development Council. the Capital Region Minority Supplier Development Council and the United States Hispanic Chamber of Commerce Educational Fund.
Praise for CRP
U.S. Sen. Benjamin Cardin (D-Maryland), who serves as the chair of the Senate Small Business and Entrepreneurship Committee, praised the CRP.
“The federal government plays a critical role in not only helping underserved small businesses keep their doors open, but also thrive,” Cardin, 79, said. “MBDA continues to lead the way, and I applaud the Biden-Harris administration for their investments in underserved small businesses. In my home state of Maryland, awardees will provide entrepreneurs with critical resources to thrive. This funding will help continue the momentum of the small business boom under the Biden-Harris administration.”
Antwanye Ford, a board member of the Greater Washington Black Chamber of Commerce and president/CEO of Enlightened Inc., located in the historic Anacostia neighborhood in Ward 8, said he appreciated Harris’ presence.
“I loved it,” Ford, 58, said. “She was poignant and spot on when she talked about the value of small businesses in America and minority America.”
Ron Busby, president/CEO of the U.S. Black Chambers Inc., said it was critical that the vice president made her remarks in Southeast Washington.
“She sees all of D.C.,” Busby, 65, said. “She sees the entire city and understands the investments that need to be made. The program is wonderful and will be helpful to many business owners.”
