The Biden Plan for Black America will:
- Advance the economic mobility of African Americans and close the racial wealth and income gaps.
- Expand access to high-quality education and tackle racial inequity in our education system.
- Make far-reaching investments in ending health disparities by race.
- Strengthen America’s commitment to justice.
- Make the right to vote and the right to equal protection real for African Americans.
- Address environmental justice.
Invest in African American Businesses and Entrepreneurs
Approximately
4% of small business owners are African American, even though African Americans make up approximately
13% of the population. To build wealth in African American communities, we must invest in the success of African American businesses and entrepreneurs.
Ensuring equal access to credit and capital. African American businesses often lack the capital they need to succeed. African American businesses are
rejected at a rate nearly 20% higher than the white-owned firms. Even worse, African American businesses that do get funding receive
only 40% of the funds requested as compared to 70% for white 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.
Expand African American Homeownership and Access to Affordable, Safe Housing
Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000.
Tackle racial bias that leads to homes in communities of color being assessed by appraisers below their fair value.