With all eyes on North Carolina for its participation in the Super Tuesday primary, Vice President Kamala Harris paid a visit to Durham on Friday.
As part of the Biden-Harris Administration’s Investing in America tour, Harris announced that $32 million would be awarded through the State Small Business Credit Initiative. He American Rescue Plan Act The money will go to ten venture capital firms led by women and minorities, including Nex Cubed, RevTech Labs, LaVert Ventures and Latimer Ventures. The companies will then invest in startups and small businesses, using the funds to support entrepreneurship.
Standing outside the Ella West Gallery, next to the Black Wall Street historical marker on Parrish Street, Harris was joined by Democratic Gov. Roy Cooper and U.S. Deputy Treasury Secretary Wally Adeyemo.
He said the $32 million would be complemented by $60 million from private sector venture capital partners, including technology and clean energy companies, including those involving AI.
“For many people, the American dream is starting their own business,” Cooper said. “Small businesses are the backbone of our economy. They create well-paying jobs and sometimes become large companies. However, starting a business takes money and there are many smart people with great ideas and work ethic who, with some capital investment, can start a successful business.”
Adeyemo said he sees a lot of venture capitalists, but they don’t look like the venture capitalists he saw in Durham, who look like America and Black Wall Street.
“People of color and women are more likely to make loans to the types of businesses we’ve visited today, which means they will continue what we’ve already seen in the Biden-Harris administration, which is historic growth. from small businesses,” she said.
Harris said the Biden-Harris Administration has invested more than $3 billion in entrepreneurs and small businesses in North Carolina, including billions of dollars in small business loans for thousands of small businesses in the state.
“Ultimately, it makes economic and financial sense for us to do this work because the end result, and yes, the end result, I speak in economic terms, is that this produces an extraordinary return on investment, and that is as much as any other “Which is why we are doing this work together with our partners,” Harris told the crowd.
Demonstrators protested Harris’ visit to Durham organized by Mothers for Ceasefire, asking North Carolina Democratic primary voters to choose “No Preference” over voting for a second Biden/Harris term.
President Joe Biden inaugurated the Investing in America Tour in March 2023 in Durham.
This was Harris’ 10th visit to the state and second this year. He visited a Charlotte-area school last month.
It’s a busy weekend for politicians in the Tar Heel State. Republican presidential candidate Nikki Haley will be in Charlotte Friday night at Norfolk Hall at Suffolk Punch and Saturday at Union Hall in Raleigh. Also, on Saturday, former President Donald Trump will be at the Greensboro Coliseum in Greensboro.