The Biden-Harris Administration is directing millions of dollars toward entrepreneurs located in North Carolina.

On Friday, March 1, Vice President Kamala Harris visited Durham, NC, to shed light on a $92 million plan to invest in historically underserved small businesses and entrepreneurs, according to Technician, North Carolina State University’s student newspaper. Harris was greeted by Gov. Roy Cooper during an event at the city’s historic Black Wall Street, in which she revealed 10 North Carolina women- and minority-led venture capital firms will be given $32 million in federal funds.

The financial commitment will be provided through the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), and awardees include Nex Cubed (Founders Fund); RevTech Labs (majority female and Latina-owned entrepreneurship center and accelerator); LaVert Ventures (woman-owned AgTech fund); and Latimer Ventures (early-stage venture capital fund).

The investment will trigger an additional $60 million in private investment in North Carolina by the awardees, bringing the total funding to over $90 million. The announcement is under the White House’s American Rescue Plan, which is supported by more than $30 billion in equity-based financing for small businesses, according to a press release.

“It takes a village! Great demonstration of the power of public/private partnerships,” Nex Cubed CEO Marlon Evans wrote on LinkedIn when sharing the news.

Harris told the crowd, according to The Carolina Journal, “Ultimately, it makes economic and financial sense for us to do this work because the bottom line, and yes, the bottom line, I speak in economic terms, is that this produces an extraordinary return on investment, and that is as much as any other reason why we are doing this work together with our partners.”

She notes the ultimate investment in entrepreneurs and small businesses across North Carolina will be more than $3 billion. This includes billions of dollars allocated for small business loans.

“For many people, the American dream is starting your own business,” Gov. Cooper explained, per the outlet. “Small businesses are the backbone of our economy. They create good-paying jobs, and sometimes they grow into big businesses. To start a business, though, you need money, and there are a lot of smart people with great ideas and a work ethic who, with some capital investment, can start a successful business.”

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