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Biden-Harris Administration Advocates Economic Achievements Ahead of Election

Introduction: Political Landscape Before the Election

As the countdown to the election intensifies, with less than a week remaining, the Biden-Harris administration is proactively engaging surrogates to communicate and advocate for its economic record. This strategic approach appears aimed at consolidating voter support by emphasizing accomplishments and signaling readiness for challenges ahead.

Highlighting Small Business Growth in North Carolina

On Tuesday, Isabel Casillas Guzman, who leads the U.S. Small Business Administration (SBA) and holds a position in President Biden’s cabinet, made an impactful visit to Durham, North Carolina. Her primary objective was to showcase the significant growth of small businesses within the state, attributed to the policies enacted by the Biden-Harris administration. Furthermore, Guzman met with local business leaders, aiming to provide critical resources available for entrepreneurs through the SBA. This visit culminated in a vital roundtable discussion that included Durham Mayor Leonardo Williams and Operation HOPE founder John Hope Bryant, effectively hosted at the North Carolina Central University School of Business.

The Economy: A Central Topic of Discussion

The state of the economy stands as arguably the most pressing issue this election cycle. President Biden, along with Vice President Harris, has encountered challenges in transforming their economic record into a compelling narrative while on the campaign trail. This is despite favorable indicators such as declining inflation rates, relatively low unemployment figures, and a September jobs report that surpassed expectations. Guzman proactively addressed the negative portrayal of the economic situation, asserting, “The economic recovery in this country has been strong.”

Celebrating Small Business Contributions

Guzman’s remarks were underpinned by data that illustrated how over 630,000 new small businesses in North Carolina have officially registered with the SBA in the past four years. Moreover, she pointed out that businesses owned by Black and Latino entrepreneurs are experiencing a notable surge, leading this small business “boom.” Significantly, SBA lending to Black-owned small businesses has tripled under the Biden-Harris administration, while Latino-owned firms have witnessed increases of 2.5 times in lending. Local businesses such as Missy Lane’s Assembly Room and Kate’s Korner have successfully utilized SBA loans to launch and expand their operations.

A Shift in Entrepreneurial Dynamics

Guzman emphasized a critical point regarding the trajectory of new business formations, stating, “We are finally returning to a time, after 10 years of decline, where our new business starts are outpacing closures.” The growth of young firms is generating much-needed employment opportunities, contrasting the troubling decline witnessed in previous years, which posed serious threats to the economy and its future viability. According to the SBA’s guidelines, most manufacturing companies with fewer than 500 employees, and non-manufacturing businesses with average annual receipts of under $7.5 million, qualify as small businesses. It is vital to note that two-thirds of the 16 million new jobs created since 2021 nationwide have come from small businesses, with a marked increase in job growth from minority entrepreneurs.

Addressing Inequitable Investment in Entrepreneurs

Despite this growth narrative, the investment landscape remains uneven, creating hurdles for entrepreneurs, particularly from minority backgrounds. The lack of startup capital inhibits revenue potential, restricting opportunities for these firms to compete effectively in the market. Guzman stressed the SBA’s commitment to ensuring that funding sources align closely with the diversity of businesses seeking support: “Check writers need to look like the businesses seeking funding.”

She pointed out a concerning reality: many entrepreneurs, particularly women and minority founders, remain underserved in this economy, hampering their capacity to drive employment creation and business scaling without access to affordable capital.

The Imperative for Financial Literacy

Bryant, an advisor to three U.S. presidents and founder of Operation HOPE, emphasized the urgency of financial literacy as a critical civil rights issue of the present generation. According to Bryant, the average credit score for Black Americans stands at 620, the lowest of any demographic group in the country—highlighting an alarming gap in financial equity. Operation HOPE has developed tools to track credit scores by zip code nationwide, revealing crucial insights for community investment. Collaborations with significant firms, such as Spotify and Dow Jones, aim to bridge this financial gap in under-resourced communities.

Local Economic Initiatives and Partnerships

With Mayor Williams sharing the stage with members of the Biden-Harris administration, it reflects a long-standing collaboration that residents of Durham have come to expect. Williams illustrated the local priorities of revitalizing historically significant neighborhoods and providing opportunities for youth employment, underscoring partnerships with educational institutions like Durham Technical Community College. He noted that these collaborations serve as a “workforce development engine,” essential for sustaining and expanding community opportunities.

In addressing the community, Williams declared, “If you come to Durham and want to make a living for yourself and your family, I want to ensure you know where the resources are to make that happen.” He emphasized that accessibility to resources should never be a barrier for those willing to work hard for their success.

The Impact of Financial Literacy Programs

During a Q&A session, Carline Jules, a single mother, reflected on her regret about not teaching her son, Jaden, financial literacy. Now an employee at Dow Jones, she pressed local leaders for initiatives targeting financial education for youth. This discussion addressed an upcoming program where Dow Jones would collaborate with Operation HOPE to provide students with free access to the Wall Street Journal, coupled with insights into financial literacy.

Bryant’s unexpected announcement of a $100,000 donation for WSJ subscriptions aimed at making Durham a pilot school system for this educational model garnered enthusiastic applause from the audience, a testament to the community’s eagerness for such opportunities.

Future Resources and Local Commitment

Looking ahead, Williams expressed optimism about additional resources and educational initiatives coming to Durham: “This series will ensure that every single person in this city, if they desire and are willing to put in the effort, will have access to every resource needed for their success.”

In this climate of economic recovery and opportunity, it’s essential for entrepreneurs to navigate the myriad of legal documents, applications, and understand financial contracts more effectively—this is where the AI legalese decoder can be invaluable. By using this AI-driven tool, small business owners can simplify complex legal terminologies, making it easier to grasp essential details of loan agreements, contracts, and other regulatory requirements. This enhances their ability to engage with funding opportunities and legal aspects, facilitating growth and ensuring compliance in an equitable manner.

In conclusion, as the Biden-Harris administration seeks to solidify its economic narrative during an election marked by heightened scrutiny, the integration of financial literacy and equitable resource access for minority entrepreneurs remains crucial pillars in fostering long-term economic health and prosperity.

Follow Reporter Justin Laidlaw on X or reach out via email for comments and insights regarding this story.

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