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Public Private Strategies Founder Applauds New Biden-Harris Efforts to Support Underserved Small Businesses at Freedman’s Bank Forum
WASHINGTON, D.C.–Today, Vice President Harris will announce new actions being taken by the Biden-Harris Administration to support underserved small businesses and promote equity and growth in our economy.
The announcement comes at the Freedman’s Bank Forum and includes new federal investments to support underserved small businesses by increasing Federal agency procurement targets from small, disadvantaged businesses and expanding lender participation in the flagship loan guarantee program from the Small Business Administration (SBA); investments in community lenders and financial institutions that provide capital to those small businesses, as well as new private sector investments in underserved communities across the country.
Entrepreneurs of color struggle to access financing for their businesses at higher rates than their white peers and are more likely to be discouraged. A recent Reimagine Main Street survey of more than 2,500 small businesses found that of the businesses that sought financing in the prior 12 months, 39% of Black business owners were denied compared to 27% of their white peers Among the business owners who did not seek financing, 45% of Black respondents said they did not think they would be approved compared to 29% of their white peers.
Rhett Buttle, Founder and Principal of Public Private Strategies, released the following statement:
“These investments showcase the Biden-Harris administration’s continued commitment to generating equitable growth in our economy, and empowering entrepreneurs of color. This slate of investments and initiatives will help ensure that all small businesses across the country have access to the capital they need to not just stay afloat in the wake of the COVID-19 pandemic, but to start new ventures and create jobs and opportunity in every community.”
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