TLDR:
- The Biden-Harris Administration is committing $32 million to North Carolina women- and minority-led venture capital firms.
- This investment is part of a larger $92 million plan to support historically underserved small businesses and entrepreneurs in the state.
The Biden-Harris Administration has announced a significant financial commitment to support entrepreneurs in North Carolina, particularly those from underrepresented groups. Vice President Kamala Harris visited Durham, NC, to reveal a $92 million plan to invest in historically underserved small businesses and entrepreneurs. The plan includes providing $32 million in federal funds to 10 North Carolina women- and minority-led venture capital firms through the U.S. Treasury Department’s State Small Business Credit Initiative. Awardees include Nex Cubed, RevTech Labs, LaVert Ventures, and Latimer Ventures, with the investment expected to trigger an additional $60 million in private investment in North Carolina. The overall funding from the American Rescue Plan, with over $30 billion, aims to support small businesses and drive economic growth.
According to Nex Cubed CEO Marlon Evans, the partnership between public and private sectors is crucial for the success of this initiative. Harris emphasized the economic benefits of investing in small businesses, noting that the ultimate investment in entrepreneurs and small businesses across North Carolina will exceed $3 billion. Gov. Roy Cooper highlighted the importance of providing capital investment to support entrepreneurs in turning their ideas into successful businesses, emphasizing the role of small businesses as the backbone of the economy.
