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On Monday, Vice President Kamala Harris introduced a new plan to provide forgivable small business loans based on race to boost support among Black men.
The “Opportunity Agenda for Black Men” proposes offering one million $20,000 loans to Black entrepreneurs and others who have faced barriers to starting or growing businesses. This initiative aligns with the Biden administration’s broader efforts to prioritize race in government programs, similar to past support for Black farmers and the Justice40 initiative, which directs 40% of environmental program benefits to deemed disadvantaged communities.
The Harris campaign wrote the following based on their new proposal:
“Drawing on insights from her experience throughout her career and her Economic Opportunity Tour, today Vice President Harris is laying out an Opportunity Agenda for Black Men to provide them with the tools to achieve financial freedom, lower costs to better provide for themselves and their families, and protect their rights. This pathbreaking agenda includes: Providing 1 million loans that are fully forgivable to Black entrepreneurs and others to start a business.”
Under the new proposal, the Small Business Administration would partner with local organizations to distribute forgivable loans to entrepreneurs with limited resources or connections, especially those in underserved communities. These loans are part of the broader “Opportunity Agenda for Black Men,” which also includes job training programs, health initiatives targeting conditions like sickle cell disease, and the legalization of recreational marijuana to help Black Americans benefit from the industry.
We want to ask you, the reader: do you support a race-based payment system, such as Kamala Harris’? Answer in our poll below and comment your reasoning for or against a policy plan for financial meriting based on race.
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