Specific areas below to support the revitalization of the African American business community during the Biden and Harris era.
1) The Biden administration must place a significant emphasis on capital and loan creation for the African American Community. Institute, at least a $50 billion program to aid African American businesses harmed by the Pandemic and unable to participate in the PPP program. This can be done by extending the existing program and establishing a funding program for African American businesses.
2) More significant support for the Minority Business Development Agency ( MBDA) division of the U.S. Department of Commerce was established to aid minority businesses across the country. They have one of the smallest budgets of any agency, currently $50 million. MBDA’s budget should be doubled to $100 million so that grants and increased technical assistance can be provided. Also, MBDA should assist in identifying capital for minority-owned banks. Provide technical support to HBCU institutions to promote contract opportunities in federal, state/local, and commercial areas. Assist the minority business community in developing greater access for their products and services in international markets, a significant initiative in internet commerce. MBDA should participate in the Small Business Innovate Research ( SBIR) grant program to promote inventions and ideas of the African American community.
3) Increase the percentage of federal contracts available to African American businesses and end the bundling practice of federal and state/local contracts. This activity over the years has limited contracts for African American businesses.
4) Eliminate the contract size standard cap for African American Businesses and increase the number of years of their participation in the SBA’s 8(a) program from nine to twelve years.
5) Create and foster greater participation of African American businesses in the manufacturing sector. This should include programs that promote suppliers of healthcare products and services.
6) Establish a grant funding program to restore small businesses in local communities, i.e., barbershops, salons, restaurants, and small retail operations. These businesses have been the backbone of the economy in the African American Community.
7) Strengthen the tax benefit for investors that partner with African American businesses.
8) Create a long-term capital investment program to support our HBCU community. Provide a matching program for monetary contributions to HBCUs by the federal government.
9) Appoint African Americans to head the U.S. Department of Commerce and the Small Business Administration.
The African American community requires a “Marshall Plan,” today similar to the economic program established after WWll, to rebuild Europe. Our community will need some major financial help at all levels. We need to reconstruct the African American community today and protect our children and future generations
Please VOTE as if your life depends on it because it does.
www.raceforthenet.com to order my book