Democratic presidential candidate’s message ahead of BET Black Economic Alliance Forum on June 11, 2019, to tackle inequality by investing in black business leaders.
“Replacing racist policies with neutral ones will not deliver equality. Instead, we must actively work to reverse the persistent inequalities that have compounded over the centuries — they are holding back our economy and corroding the American soul.
He is proposing a federal fund–modeled on a Maryland program–that would co-invest in entrepreneurs of color, particularly in low-income communities.
Pete wants to increase the number of successful small businesses in Black communities by 50 percent, by reforming credit scoring, increasing access to credit, and supporting long-term growth.
Under his administration, the federal government will also almost triple its contracting business with minority-owned firms, from just over 9 percent to 25 percent.
This single proposal could inject more than $100 billion in communities of color.
The Douglass Plan would further support the next generation of Black entrepreneurs by expanding access to capital, training entrepreneurs, and rigorously and tracking our progress.”