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Vice-President Kamala Harris Announces $32 Million Investment in Small Businesses

With all eyes on North Carolina for its part in the Super Tuesday primary, Vice-President Kamala Harris paid a visit to Durham on Friday as part of the Biden-Harris AdministrationÔÇÖs Investing in America tour.

During her visit, Harris announced that $32 million would be awarded through the State Small Business Credit Initiative. This funding, part of the American Rescue Plan Act, will be distributed to ten women and minority-led venture capital firms, including Nex Cubed, RevTech Labs, LaVert Ventures, and Latimer Ventures. These firms will then use the funds to invest in startups and small businesses, supporting entrepreneurship in the region.

This investment is expected to stimulate the local economy and create job opportunities for North Carolinians.

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Support from Government and Private Sector

Standing outside the Ella West Gallery alongside the Black Wall Street historical marker on Parrish Street, Harris was joined by Democrat Gov. Roy Cooper and U.S. Deputy Secretary of the Treasury Wally Adeyemo.

Harris mentioned that the $32 million investment would be matched by an additional $60 million from private-sector venture capital partners, including clean energy and technology companies, some of which involve artificial intelligence.

This collaborative effort aims to foster innovation and promote diversity in business ownership within the community.

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Promoting Economic Growth and Inclusion

During the event, Gov. Cooper emphasized the importance of small businesses in driving economic growth and creating employment opportunities. He highlighted the role of capital investment in helping entrepreneurs turn their ideas into successful enterprises.

By supporting initiatives that empower women and minority-led businesses, the Biden-Harris Administration aims to promote diversity and inclusivity in the business landscape.

This commitment to fostering a supportive environment for small businesses is expected to yield long-term economic benefits for the state of North Carolina.

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Continued Engagement and Advocacy

Harris expressed the Biden-Harris Administration’s ongoing commitment to supporting entrepreneurs and small businesses in North Carolina. She highlighted the significant investments already made in the state and emphasized the positive impact of these initiatives on local economic development.

By fostering a supportive environment for business growth, the administration aims to create a thriving ecosystem that benefits the community at large.

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Upcoming Political Events in North Carolina

As the political landscape heats up in North Carolina, various events are scheduled in the coming days. Republican presidential candidate Nikki Haley and former President Donald Trump are set to make appearances in different cities, adding to the excitement of the state’s political scene.

These events underscore the significance of North Carolina in national politics and highlight the diverse range of perspectives shaping the discourse in the state.

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