Vice President Kamala Harris used her time at Freedman’s Bank Forum to announce new public and private-sector efforts to advance racial equity.
Harris said the administration recognizes the continued difficulty that Black-owned businesses have in finding funding.Among a slate of new actions by the Biden-Harris administration, the vice president announced that the Small Business Administration would propose a rule this fall to expand its lender base by lifting the moratorium on new Small Business Lending Companies.
Harris said to facilitate greater availability of small-balance mortgages, and HUD would issue requests to solicit specific and actionable feedback on the barriers that prevent the origination of these mortgages and recommendations for increasing the volume of small-mortgage loans in federal programs.
“Small businesses are the engines of our economy and the path to economic prosperity for countless Americans in underserved communities,” the vice president asserted.
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