Harris leads economic opportunity tour in Atlanta |

Vice President Kamala Harris (Photo provided by the White House)

ATLANTA — The Biden administration has taken important steps to help Black Americans achieve homeownership and start small businesses, Vice President Kamala Harris said Friday.

But more needs to be done to make them aware of these opportunities, Harris said during a forum at the 38th annual conference of the mentoring organization 100 Black Men of America in Atlanta.

“This is a room full of people who can help spread the word about what’s available,” she said.

Harris’ stop in Atlanta was the fifth in her national economic opportunity tour touting the Biden administration’s work to create jobs, make housing more affordable and erase student loans and medical debt.

She and Biden are actively courting black voters, a demographic that Democrats often take for granted, at a time when the president’s poll numbers are declining, particularly among black men, and presumptive Republican presidential nominee Donald Trump is aggressively seeking black support. For example, Biden was the keynote speaker at last month’s graduation ceremonies at Morehouse College.

Harris said Black Americans have a lot to overcome if they want to gain equal access to business opportunities enjoyed by white people. She said only 2% of venture capital investments go to Black-owned businesses, while Black people are three times less likely to apply for loans from the U.S. Small Business Administration, which she attributes to their fear of being disappointed when rejected.

Harris said the solution would be increased federal investment in community banks. She noted that Congress allocated $12 billion to community banks for small business startup loans while she was a member of the U.S. Senate.

“Putting money into community banks is putting it in a place where people can come in with a sense of dignity that is respected and actually have access to capital,” she said.

On the housing front, Harris said the difficulties black Americans face in obtaining loans to finance their down payments dates back to post-World War II, when black men returning from overseas faced discrimination when they were trying to take out housing loans through the GI Bill. .

She said the Biden administration is proposing a plan to give Americans who are the first in their family to become homeowners a credit of $25,000 for a down payment and $400 a month to help them pay their mortgage.

“Homeownership is probably one of the most effective, efficient and fastest ways to increase intergenerational wealth,” she said.

Harris also touted the administration’s recent order granting nearly $160 billion in loan forgiveness to nearly 4.6 million student borrowers. The offer will go not only to students who have earned degrees, but also to those who haven’t graduated but still need to repay their loans, she said.

To help Americans struggling with costly medical bills, Harris said the Biden administration has proposed a new rule that would eliminate medical debt from Americans’ credit scores.

Americans for Prosperity, a conservative political advocacy group, released a statement Friday criticizing Harris’ appearance in Atlanta as a “campaign tour highlighting the supposed successes of ‘Bidenomics.’ “

“Despite multiple visits from administration and campaign officials, we have a message for Vice President Harris: the Biden-Harris administration’s reckless spending and clumsy regulations are directly responsible for the economic challenges facing Georgians,” said Tony West, the group’s Georgia state manager. director. “We will continue to advocate for common-sense policy solutions that promote economic opportunity and growth. »