Vice President Kamala Harris recently announced that ten minority and women-led venture capital firms in Durham, North Carolina’s Historic Black Wall Street will receive a $32 million federal investment. This funding, part of the American Rescue Plan, aims to provide equity capital investments to historically underserved small businesses and entrepreneurs. The awards are expected to generate over $90 million in overall investments for early-stage small businesses in the state.
The funding, awarded through the State Small Business Credit Initiative (SSBCI), is projected to attract an additional $60 million in private investment. The SSBCI, established in 2010, supports states, the District of Columbia, territories, and Tribal governments in increasing lending and investing in small businesses. The American Rescue Plan expanded the SSBCI with $10 billion in funding, expected to catalyze up to $10 of private investment for every $1 of SSBCI capital.
