Vice President Kamala Harris unveiled a new program on Tuesday that gives Latino men who want to launch or expand small businesses forgiving loans of up to $20,000. Her administration’s larger initiative to assist marginalized populations by providing financial resources to individuals without access to cash, connections, or other vital support includes this action.
The loan program was created in collaboration with “trusted partners” and the Small Business Administration with the goal of giving needy entrepreneurs financial support. Harris announced a similar plan earlier this month, aiming to offer one million forgiven loans to black men. These programs are a component of her “opportunity agenda,” which aims to assist minority entrepreneurs in overcoming obstacles to becoming entrepreneurs.
In addition to pointing out that these loans can be utilized for necessary startup fees like workspace rental, equipment purchase, and other business expenses, Harris underlined the significance of these loans for community development. She clarified that the program compares the accomplishments of her administration to those of previous President Donald Trump, whom she chastised for not doing more to help small companies.
At a town hall organized by Univision on Wednesday, Trump asserted that his administration had produced employment and that his strategy would better support small companies, while Harris promised to invest in Latino areas. He blasted the Biden-Harris administration for failing to adequately support small businesses, which he views as the foundation of the American economy.
Harris’ dedication to offering real financial support to marginalized areas is further demonstrated by this new loan program, which will enable more people to follow their business dreams.
