In a surprising turn of events, President Joe Biden announced his withdrawal from the race for President, endorsing Vice President Kamala Harris as the Democratic party’s candidate. Political observers are now speculating what a potential “President Harris” would mean for the future, especially regarding small businesses. Harris has a long-standing interest in supporting local businesses, which could benefit one community in particular. Her track record in supporting small businesses includes key policy wins, such as passing the American Rescue Plan and the Bipartisan Infrastructure Law, which have allocated significant funding to revitalize communities and support small businesses. Additionally, the Biden-Harris Administration has increased spending on contracts to small businesses, with a focus on those owned by socially and economically disadvantaged individuals.
Vice President Harris has also focused on addressing small business owners’ priority needs, such as access to capital. She established the Economic Opportunity Coalition, committing over $3 billion in investments into community development financial institutions and minority depository institutions. Harris has actively participated in Small Business Saturdays, visiting local businesses and encouraging consumers to support them. During her visits, she engages with owners and staff to better understand their experiences and challenges. Harris recognizes the importance of small business owners as job creators and community leaders, emphasizing their role in providing jobs, mentorship, and inspiration within their communities.
Looking towards the future, Vice President Harris is focused on preparing small business owners for the challenges ahead, particularly related to climate change and artificial intelligence. She has worked to ensure that the government and private sector’s use of AI is safe and responsible, shaping policies to mitigate risks and harness benefits. Harris also played a vital role in passing the Inflation Reduction Act, which includes provisions to help Main Streets and communities transition to clean energy. Recently, she announced grant awards to fund clean-energy and climate-related projects in low-income and under-invested communities, creating opportunities for small businesses to access financing for eco-friendly initiatives.
The efforts of Vice President Harris and the Biden-Harris Administration have led to a record number of new business applications, highlighting the resiliency and growth of the small business community. Harris has consistently emphasized the importance of small businesses in the economy and communities, recognizing them as the backbone of the nation. Despite the uncertainty surrounding the upcoming election, Harris’s commitment to supporting Main Street and elevating the role of small businesses is commendable. As the potential for a “President Harris” looms, small business owners may find a strong advocate and ally in the White House, bringing hope for a brighter future for Main Streets across America.
