[ad_1]
![](https://pridepublishinggroup.com/wp-content/uploads/2023/12/Q28A6892-810x540-1.jpg)
President Biden visited the Wisconsin Black Chamber of Commerce to highlight the unprecedented increase in Black small business ownership under his administration. White House officials said at a press conference that Bidennomics is responsible for the fastest surge in Black entrepreneurship in 30 years, and the president plans to increase the He promised that he would receive support.
Hero Plumbing, a Black-owned Milwaukee company specializing in lead pipe removal, is at the forefront of this success story. The bipartisan infrastructure bill’s historic $15 billion allocation will help the company meet President Biden’s promise to eliminate all major service lines by the end of the decade.
President Biden continues to face opposition from some Republicans in Congress even as he emphasizes his administration’s significant investments in small businesses, especially those owned by Black entrepreneurs. But administration officials said the American Rescue Plan played a critical role in keeping small businesses afloat during the pandemic, despite Republican resistance.
Biden’s commitment to boosting opportunities for working families and small business owners stands in contrast to Republicans in Congress who advocate a return to a failed trickle-down economy. Officials said Biden remains steadfast in his belief that diversity is critical to economic security and is committed to working with Black communities to protect the American Dream by investing in Black entrepreneurship and opportunity. We are making an unprecedented investment.
Administration officials noted that Biden’s “Invest in America” policies have spurred historic advances in small business creation and entrepreneurship. They reported that since he took office, a record 15 million new business start-up applications have been filed and black business ownership is increasing faster than in 30 years.
The administration’s investments in Black entrepreneurs are yielding positive results, including:
- In fiscal year 2022, the amount of federal contracts awarded to disadvantaged small and medium-sized businesses reached a new record of nearly $70 billion.
- $12 billion allocated to community financial institutions to expand access to capital, resulting in an estimated $50 billion increase in lending to Latinx communities and $80 billion in lending to Black communities over the next 10 years It is expected to increase in the near future.
- $10 billion in assistance to states, tribes and territories, and $79 million for Wisconsin in a capital access program that will benefit approximately 100,000 small businesses.
Officials also said Biden continues to prioritize community-driven economic development and small businesses. In Milwaukee, a city undergoing economic revitalization under his administration, the Growing Milwaukee Coalition is a finalist in the Department of Commerce’s Economic Development Administration Recompetition Program. CHIPS and Science Law fund this program to promote small business development, quality job creation, and economic opportunity in developing regions.
The Grow Milwaukee Coalition’s proposal aims to revitalize 30 historic cities.th Build a street industrial corridor to connect historically segregated Black communities to economic opportunities across the city. This effort is consistent with President Biden’s commitment to building the economy from the middle up to the bottom.
Additionally, the White House said Biden’s American Rescue Plan (ARP) is critical to supporting small businesses, including Black-owned businesses, in Wisconsin and across the country. Key investments include:
- $10 billion fund to help small businesses access capital. Including his $79 million in Wisconsin.
- The Small Business Community Navigators Pilot Program provides $100 million to organizations that support small businesses, making a significant impact on Black-owned businesses.
- The Minority Business Development Agency’s (MBDA) Capital Reserve Program has awarded $125 million in grants to 43 nonprofit organizations, including $3 million to the state of Wisconsin.
The Biden administration’s Small Business Administration has provided $50 billion in grants to small businesses in fiscal year 2023, with a focus on supporting underserved businesses, officials said on a conference call. Federal contract spending for disadvantaged small businesses reached a record $163 billion in 2022, exceeding the administration’s goal.
“The President’s commitment to supporting small and minority-owned businesses extends to clean energy, investing in efforts to grow disadvantaged clean energy businesses in disadvantaged communities,” the official said. Stated.
[ad_2]
Source link