ADVANCE THE ECONOMIC MOBILITY OF AFRICAN AMERICANS AND CLOSE THE RACIAL WEALTH AND INCOME GAPS Pt #2

Creator: Wilfredo Lee Copyright: Copyright 2019 The Associated Press. All rights reserved.

Invest in African American Businesses and Entrepreneurs

  • Double funding for the State Small Business Credit Initiative.
  • Expand the New Markets Tax Credit, make the program permanent, and double Community Development Financial Institutions (CDFI) funding.
  • Improve and expand the Small Business Administration programs that most effectively support African American-owned businesses.
  • Increase opportunities for African American-owned businesses to obtain or participate in federal contracts.
  • Increase funding for the Minority Business Development Agency budget.
  • Protect small and disadvantaged businesses from federal and state contract bundling which often locks out African American-owned smaller firms from effectively bidding on procurement contracts.
  • Make sure economic relief because of COVID-19 reaches the African American businesses that need it most.
  • Provide AfricanAmerican entrepreneurs and other small business owners technical assistance
  • Reserve half of all the new PPP funds for small businesses with 50 employees or less
  • Produce a weekly dashboard to show which small businesses are accessing loans.

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