Saying the U.S. economy is driven by the ambitions of small-business owners, Vice President Kamala Harris announced Wednesday that the Biden administration is extending and expanding a pilot program that helps underserved entrepreneurs gain access to capital.
Speaking at an event at Howard University in Washington, her alma mater, Harris said the Small Business Administration’s Community Advantage program, which was set to end in September, is being extended through September 2024. The Biden administration also is lifting a four-year moratorium on lenders in the program and raising the maximum loan size from $250,000 to $350,000.
The pilot program was launched in 2011 during the Obama-Biden administration to give small businesses in underserved markets credit, management and technical assistance. It aims to provide “mission-oriented lenders” — primarily nonprofits focused on economic development — with federal loan guarantees.
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