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Vice President Announces $125 Million Investment in Small Business Accelerators

Washington, D.C. – On a sunny afternoon in Washington, D.C., Vice President Harris addressed a crowd of small business owners and entrepreneurs, expressing her admiration for their innovative spirit and dedication to their communities. She shared a personal anecdote about the small business owner who played a crucial role in her own upbringing, showcasing the deep connection between small businesses and the fabric of our society.

Vice President Harris thanked Monica, the event’s organizer, for her inspiring introduction and leadership. She also acknowledged the presence of numerous incredible leaders in the room, including the esteemed leaders of the Commerce Department, Don Graves and Don Cravins, whom she hailed as extraordinary allies in advancing the administration’s goals.

The Vice President emphasized the vital role played by small-business owners and entrepreneurs, labeling them as the backbone of our economy and communities. She highlighted President Biden’s commitment to rejuvenating the economy, fueling job growth, and addressing the economic disparities that have marginalized certain sectors of society for far too long.

Drawing attention to the shortcomings of trickle-down economics, Vice President Harris outlined the administration’s approach, known as “Bidenomics.” This plan focuses on creating millions of jobs, revitalizing American manufacturing, improving infrastructure, expanding access to high-speed internet and clean energy, and ensuring that all Americans, regardless of their background, have the opportunity to thrive.

The Vice President proudly shared the positive results of the administration’s efforts, including the creation of over 13 million new jobs since taking office and a steady decline in unemployment rates. Furthermore, she underlined the administration’s commitment to the success of small businesses, highlighted by the record number of applications to start new ventures in the previous two years.

As access to capital emerges as a primary concern for small-business owners and entrepreneurs across the nation, Vice President Harris discussed the importance of community banks in filling this gap. She praised their ability to understand the needs of communities, especially those overlooked by larger financial institutions. The administration has thus far invested nearly $12 billion in community banks, demonstrating its support for small businesses.

Vice President Harris also announced a groundbreaking public-private partnership aimed at addressing the capital needs of small businesses. By combining the expertise of private sector entities with the resources of the government, this collaboration has already secured billions of dollars in investment. The unconventional approach seeks to expand access to capital, ensuring that aspiring entrepreneurs have the tools and support they need to succeed.

In line with this commitment, the Vice President declared a $125 million investment in 43 small-business accelerators. These accelerators will serve as one-stop shops for small businesses, offering not only financial support but also mentorship, management courses, and assistance with administrative tasks. The goal is to empower small-business owners with the knowledge and resources necessary to thrive in an increasingly competitive marketplace.

With these investments and initiatives, Vice President Harris expressed confidence in America’s economic future. She affirmed that the administration will continue working tirelessly to move the nation forward and ensure that the benefits of economic growth are felt by all, especially small-business owners and entrepreneurs.

In conclusion, Vice President Harris urged everyone to think outside the box and explore innovative ways to support small-business owners. By investing in community banks, fostering public-private partnerships, and backing small-business accelerators, the administration aims to create an ecosystem where entrepreneurship can flourish and transform communities across the United States.

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