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Vice President Kamala Harris discusses small businesses at Raleigh event

Harris delivered remarks on Monday afternoon in downtown Raleigh.

Posted Updated

By
Lora Lavigne
, WRAL Durham reporter
RALEIGH, N.C. — Vice President Kamala Harris visited the Triangle on Monday, stopping in downtown Raleigh.

Harris was at the Duke Energy Center for the Performing Arts as part of a panel discussion to discuss small business growth and how the Biden administration has invested in helping small businesses.

Businesses owned by members of the Latino and Latina communities were the main focus of Monday's discussion.

"They represent at least 5 million businesses in the United States, and contribute, on an annual basis, the estimates are $800 billion a year," Harris said.

Harris said extraordinary challenges for business owners, such as cutting through the red tape, remain an issue.

“There might be language barriers," Harris said. "They are barriers in terms of financial literacy.

"There are barriers in terms of just not knowing where to go, and how to apply for loans and access to capital. Things that have nothing to do with the capacity of that individual.”

Small Business Administration Administrator Isabel Guzmán said in U.S. President Joe Biden's first year, $450 billion was disbursed around the country for small businesses. Funding for central banks also played a huge role in helping them thrive, Guzmán said.

Harris said they are expanding access to capital, making historic investments for support services — and improving lender programs across the country.

According to a report from the Census Bureau, 10.5 million small businesses were formed during President Joe Biden’s first two years in office.

"We have, over the last two years, grown and started, as a country, more small businesses in the last two years than any two years in the history of the country," Harris said.

Harris also touted low unemployment rates in the U.S. According to the Bureau of Labor Statistics, the U.S. has a 3.5% unemployment rate.

Harris mentioned the importance of her childhood neighbor Regina Shelton, who ran a nursery school.

"She not only took care of the kids in her community, she took care of their parents," Harris said of Shelton.

Harris said she considers Shelton like a second mother.

"I never thought of her as a small business owner, but that that's nature of who runs, starts and owns our small businesses in our community," Harris said.

Harris discussed the Biden administration is helping community banks and credit unions. She mentioned how loans will have a "profound exponential impact on the economic health and wellbeing of the community."

"The greatest source of intergenerational wealth is home ownership," Harris said.

Drivers should expect Harris' visit to have a major impact on traffic on Monday in downtown Raleigh and should prepare for roadblocks affecting their commutes.

Gov. Roy Cooper also attended the event, which was livestreamed on WRAL.com and the WRAL News app.

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