On August 4, 2023, Vice President Kamala Harris announced that the administration would invest $125 million to aid small businesses in underserved communities.
The administration’s investment will be awarded to 43 small businesses, chosen due to the support they offer entrepreneurs, specifically in underserved areas.
Harris stated during remarks in Washington, D.C., “As Bidenomics continues to demonstrate, when we invest in the dreams and ambitions of small business owners and entrepreneurs, it produces opportunity and prosperity for us all.”
Harris noted that a portion of investments “will help connect entrepreneurs and small business owners with the support and guidance they need to break into the clean energy economy.”
The 43 organizations were chosen as the recipients of $125 million in Capital Readiness Program (CRP) payments, which were made possible by the American Rescue Plan that President Biden enacted early in his presidency.
According to Harris, more entrepreneurs applied to start small firms during the first two years of the Biden administration than during any previous two-year period in history. “President Biden and I decided to invest in the working people of America when we took office,” Harris added. “To ensure that every American has the chance to prosper, not just the wealthy or well-connected.”
The U.S. added 187,000 jobs in the month of July, and its unemployment rate fell 3.5%. Harris said, “This growth is not only felt on Wall Street, but more importantly, it’s felt on Main Street, especially by people who start and own small businesses.” She also attributed the job numbers as evidence that “Bidenomics is working.”