In a speech delivered in Detroit at 2:23 P.M. EDT, the Vice President addressed an enthusiastic crowd, emphasizing the administration’s commitment to economic empowerment for minority communities and increased investments in small businesses. Reflecting on the collective efforts to boost the American economy, she underscored the trillions of dollars invested in infrastructure, clean energy, manufacturing, and supply chains over the past three years.
“I believe that America’s economy is powered by the ambition and the aspiration of her people,” the Vice President stated, advocating for equal opportunities to compete, succeed, and thrive across all communities in the country.
Outlined in her address were comprehensive strategies aimed at addressing the disparities faced by Black entrepreneurs, including access to capital, lending, homeownership, and government contracts. Highlighting the Economic Opportunity Coalition’s achievements, she announced the commitment of $3 billion to community banks and a significant $100 million investment in small- and medium-sized auto supply companies, many of which are Black-owned and based in Michigan.
“These grants will allow businesses to upgrade production and production lines to produce parts for electric vehicles,” she announced, receiving applause from the audience.
The Vice President proudly shared the administration’s progress in expanding access to government contracts for minority-owned businesses, aiming to increase federal contracts by 50 percent by the end of the next year. Efforts to combat racial bias in home appraisals and significant debt forgiveness initiatives were also highlighted, including the relief of medical and student loan debt aiming to reduce financial barriers for minority communities.
In her closing remarks, the Vice President reaffirmed the administration’s belief in the American people’s ambition and aspirations. She credited the record growth of Black small businesses and the creation of millions of new jobs for Black workers to the drive, creativity, and power of the community.
“Together, let us continue to invest in the ambition and aspirations of our people. Together, let us continue to help folks create wealth and achieve financial freedom. And together, let us continue to build a nation where every person has the opportunity to compete, prosper, and thrive,” she concluded, igniting optimism for a future of inclusive economic prosperity.
As the administration continues to roll out initiatives aimed at building a stronger and more equitable economy, they invite Americans to stay informed and engaged through direct communication and updates from the White House.
For those interested in contributing to the nation’s progress towards an inclusive economic agenda, the option to receive text messages from President Biden offers a direct line to the latest information on how the administration is working for the American people and ways to get involved in building back better.