BETA
This is a BETA experience. You may opt-out by clicking here

More From Forbes

Edit Story

American Rescue Plan Investments Can Help Underserved North Carolina Entrepreneurs

Following

By: Rhett Buttle

On March 1, Vice President Kamala Harris announced that awards to ten minority and women-led venture capital firms in Durham, North Carolina’s Historic Black Wall Street will receive a $32 million federal investment. The awards are projected to kickstart more than $90 million in overall investments to early-stage small businesses in the state. These funds coming from the American Rescue Plan are part of an effort to make equity capital investments available to historically underserved small businesses and entrepreneurs.

This announcement by Vice President Harris, Deputy Secretary of the Treasury Wally Adeyemo, and North Carolina Governor Roy Cooper of funding awarded through the State Small Business Credit Initiative (SSBCI) is expected to lead to an additional $60 million in private investment. The SSBCI helps make this type of investment possible. Originally established in 2010, it provides funding to states, the District of Columbia, territories, and Tribal governments for programs to increase lending and investing in small businesses. The American Rescue Plan expanded the SSBCI to provide $10 billion in support and is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding.

You may be asking how this kind of private investment can happen. The answer in North Carolina and other states is that the awardees of SSBCI funding are also committed to and skilled in raising the private funds. For example, one of the recent recipients, Symphonic Capital, is an early-stage fund that invests in companies closing access gaps in health and wealth. Another venture firm, Wocstar Capital, is focused on creating wealth in communities of color by championing and training women of color entrepreneurs and diverse tech teams.

RevTechLabs is a majority female and Latina-owned entrepreneurship center and accelerator that will invest in over 200 early-stage companies with traditionally underrepresented founders in financial, health, and insurance technologies. In addition, LeVert Ventures is an early-stage venture capital fund that will invest in next-generation technologies that have the potential to transform the agricultural technology industry.

Black business ownership is growing at the fastest pace in 30 years and there have been more small business applications in the past three years than in any other three-year period in American history. Investments like this one in North Carolina and other states can help continue to foster this success.

Follow me on TwitterCheck out my website

Join The Conversation

Comments 

One Community. Many Voices. Create a free account to share your thoughts. 

Read our community guidelines .

Forbes Community Guidelines

Our community is about connecting people through open and thoughtful conversations. We want our readers to share their views and exchange ideas and facts in a safe space.

In order to do so, please follow the posting rules in our site's Terms of Service.  We've summarized some of those key rules below. Simply put, keep it civil.

Your post will be rejected if we notice that it seems to contain:

  • False or intentionally out-of-context or misleading information
  • Spam
  • Insults, profanity, incoherent, obscene or inflammatory language or threats of any kind
  • Attacks on the identity of other commenters or the article's author
  • Content that otherwise violates our site's terms.

User accounts will be blocked if we notice or believe that users are engaged in:

  • Continuous attempts to re-post comments that have been previously moderated/rejected
  • Racist, sexist, homophobic or other discriminatory comments
  • Attempts or tactics that put the site security at risk
  • Actions that otherwise violate our site's terms.

So, how can you be a power user?

  • Stay on topic and share your insights
  • Feel free to be clear and thoughtful to get your point across
  • ‘Like’ or ‘Dislike’ to show your point of view.
  • Protect your community.
  • Use the report tool to alert us when someone breaks the rules.

Thanks for reading our community guidelines. Please read the full list of posting rules found in our site's Terms of Service.

news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news