Business
Harris Promises 1 Million Forgivable Loans for Black Businesses
As she continues to try to connect with Black male voters, Vice President Kamala Harris on Monday promised to offer 1 million business loans to Black entrepreneurs. The Harris campaign announced the plan via its website, which notes “Donald Trump is a serious threat to the lives of Black men.” These forgivable loans could reach as high as $20,000 in value, the site reads. “Vice President Harris is laying out an agenda to give Black men the tools to build wealth and achieve financial freedom, lower costs for themselves and their families, and protect their rights—addressing the issues that Black men across the country have told her are their top concerns,” the campaign wrote.
By Jackson Walker
CBS News Austin
As she continues to try to connect with Black male voters, Vice President Kamala Harris on Monday promised to offer 1 million business loans to Black entrepreneurs.
The Harris campaign announced the plan via its website, which notes “Donald Trump is a serious threat to the lives of Black men.” These forgivable loans could reach as high as $20,000 in value, the site reads.
“Vice President Harris is laying out an agenda to give Black men the tools to build wealth and achieve financial freedom, lower costs for themselves and their families, and protect their rights—addressing the issues that Black men across the country have told her are their top concerns,” the campaign wrote.
Harris’s economic plan centers on wealth-building and supporting Black entrepreneurship. Her administration would provide 1 million forgivable loans, each up to $20,000, to help Black men and others who have faced significant barriers to starting a business.
By partnering with community banks and mission-driven lenders, Harris aims to make capital accessible to Black entrepreneurs looking to launch or expand businesses in fields ranging from technology to landscaping and beyond.
Additionally, Harris has proposed a significant expansion of the Small Business Startup Tax Deduction, increasing it from $5,000 to $50,000, which would allow Black entrepreneurs to offset startup costs.
She also plans to boost access to venture capital, low-interest loans, and incubators specifically for Black-owned businesses.
Recognizing that Black entrepreneurs are frequently denied credit, Harris’s plan includes reforms to expand affordable banking services and crack down on hidden fees that inhibit wealth accumulation in Black communities.
Other initiatives laid out in the release include launching a “National Health Equity Initiative” specifically targeting Black men. The campaign also touted its support of legalizing marijuana and lowering rent prices.
“Trump’s Project 2025 Agenda doubles down on his mistreatment of Black men and their families,” the campaign wrote of its political opposition. “He will erase four years of financial gains and job growth for Black men and leave their communities worse off for it.”
The proposal is just one of several initiatives Harris has proposed to court those frustrated by the state of the economy. The vice president also suggested in September she would offer $25,000 in federal down payment assistance to all first-time homebuyers.
“I grew up a middle-class kid,” Harris said during a conversation with the National Association of Black Journalists. “It was only by the time I was a teenager that [my mother] could afford to buy her first home.”
NNPA Newswire contributed to this report.
