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Vice President Kamala Harris gave remarks at Howard University Wednesday on a new major investment to support minority-owned businesses.
Watch Harris’ remarks in the player above.
The vice president promoted the $4.7 billion commitment to a program that serves underrepresented communities in and around Washington D.C. alongside members of the Greater Washington Partnership nonprofit group. Commerce Secretary Gina Raimondo and Small Business Administrator Isabel Guzman also appeared at the event.
Harris introduced several improvements to the Community Advantage program as part of the new investment.
“We are simplifying program requirements so lenders can devote more of their resources to serving their borrowers and spend less time on the paperwork,” she said at the event. “And we are updating program rules to allow those people who are borrowing to restructure their debt if they fall behind on payments.”
The Community Advantage is a pilot loan program introduced by the Small Business Administration that originally began in 2011. At the event on Wednesday, Harris announced that the program has been extended to 2024.
“When small-business owners have the support they need, they create jobs. When small-business owners have the support they need, they drive innovation and inspire innovation. And they grow, as a result of all of that, our entire economy,” she said.
Harris is an alumna of Howard University, which is a historically Black university.
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