With the economy a top issue for many voters in the election, Vice President Kamala Harris announced record federal loans to small business owners in a statement to ABC News on Thursday.
The Small Business Administration (SBA) will provide a record $56 billion in loans to small businesses from October 2023 to September 2024, according to a White House fact sheet shared exclusively with ABC News. More than 100,000 small and medium-sized enterprises received loans, the highest amount ever. Lending to black-owned businesses has tripled in the past four years.
The SBA lends money as a way for small businesses to get off the ground, expand, and rebuild. Companies must meet eligibility requirements such as being based in the United States or based in the United States, especially if other financing options are not available. Only a certain number of employees can receive a loan.
“Small businesses are the backbone of our economy, and small business owners rely on capital to hire more employees, grow their businesses, and innovate,” Harris said in a statement to ABC News. We know we need access.” “Today, I am proud to announce that the U.S. Small Business Administration made record loans to more than 100,000 small businesses last year, the most in more than 15 years by the agency. When it thrives, the local economy thrives.”
Democratic presidential candidate Vice President Kamala Harris speaks during a campaign rally at Erie Insurance Arena on October 14, 2024 in Erie, Pennsylvania.
Michael M. Santiago/Getty Images
Officials are under pressure after the White House announced last week that the Disaster Loan Program, which provides low-interest loans to disaster survivors in the aftermath of hurricanes Helen and Milton, has run out of funding.
Harris’ announcement comes as voters seek to dispel doubts about the Biden-Harris administration’s handling of the economy and inflation. Polls consistently show former President Donald Trump outperforming Harris in handling the economy.
A new report from the National Federation of Independent Business, which represents small businesses across the country, finds that anxiety among its members is at an all-time high ahead of the election.
Last month, Vice President Harris announced a proposal to increase the tax credit for new small businesses tenfold from $5,000 to $50,000.
