Vice President Kamala Harris introduced a new plan on Monday, aiming to distribute forgivable small business loans based on race. This comes as she works to gain support from Black men.
Her campaign launched the “Opportunity Agenda for Black Men.” It promises one million $20,000 loans to Black entrepreneurs and others who’ve faced barriers in starting or growing businesses. The plan aligns with the Biden administration’s focus on incorporating race into major programs, including payments to Black farmers and environmental spending for disadvantaged communities.
“Vice President Harris is laying out an Opportunity Agenda for Black Men to give them tools for financial freedom, lower costs, and protect their rights,” the campaign said. It proposes “1 million fully forgivable loans to Black entrepreneurs and others to start businesses.”
The Small Business Administration would partner with “trusted organizations” to distribute these loans. They are meant to help entrepreneurs who have ideas but lack the resources or capital to launch their businesses, especially in underserved areas.
This is just one part of the agenda. Other plans include improving job training programs for Black men, addressing health issues like sickle cell disease, and legalizing marijuana to help Black Americans benefit from the industry.
The policy came after polls showed Harris struggling to win support from Black men. Black voters have long been essential to Democratic campaigns, so any dip in support could hurt her chances.
In 2012, Barack Obama won the Black male vote by 81 points. Hillary Clinton carried it by 63 points in 2016. Biden won it by 53 points in 2020. Harris, with just weeks until Election Day, is only leading Trump by about 41 points among these voters.