# Timeline ## April 29, 2024 — College Park, GA > Vice President Harris kicks off her nationwide Economic Opportunity Tour with a moderated conversation with Earn Your Leisure’s Rashad Bilal and Troy Millings about investing in communities, building wealth, and ensuring every American has the ability to thrive. <iframe title="Vice President Harris Kicks off her Nationwide Economic Opportunity Tour" src="https://www.youtube.com/embed/J6ir9lh-fEg?feature=oembed" height="113" width="200" style="aspect-ratio: 1.78041 / 1; width: 100%; height: 100%;" allowfullscreen="" allow="fullscreen"></iframe> <br> > [!info|no-icon flex bg-c-gray]- Transcript <br> > \- **Generated directly from YouTube, contains errors.** > > - [00:01](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1) please welcome Congressman Steven hzford good afternoon everybody I'm Congressman stevenh Horford from Nevada's fourth congressional district I'm honored to serve as chairman of the Congressional Black Caucus and to join with all of you and the vice president president uh today for this kickoff of our economic opportunities tour I'm delighted to be joined today by uh three phenomenal panelists Janice Bower from the Department of Treasury counselor for racial Equity Christopher Kohl's Department of Transportation under Secretary of Transportation for policy and Eric morset from the Department of Commerce under Secretary of Commerce for minority business > - [01:01](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=61) development Administration please welcome our first [Applause] panel well good afternoon everybody we're really excited to be here um this is the kickoff to really have a conversation with the American people about the ways that we together can build economic opportunity prosperity and wealth that is inclusive that is about bringing everyone into full economic participation and to make sure that as we have passed some of the most historic legislation in our country's history that those Investments reach the communities that need it the most uh so again I'm Congressman Steven Horford chair of the Congressional Black Caucus we have been working with the vice > - [02:00](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=120) president as well as the Biden Harris Administration to Center the people in the policy that we are working to advance and that is what today is all about I'm honored to join forces with the vice president for the kickoff here and to join all of you and this Builds on the work that the members of the Congressional Black Caucus have been advancing uh throughout this Congress today the Cong na Black Caucus has the largest membership in our history 60 members we went from 13 when we were founded and one black woman in Shirley Chisum to having 60 members 31 black women representing every region of the country recently we introduced a plan to build black wealth that is endorsed and sponsored by 100 % of the CBC members and today this economic tour will allow > - [03:05](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=185) us to continue to advance that discussion to close the racial wealth Gap to build Economic Opportunity and to address the inequities that we have seen at a time when there are forces who are trying to take away those tools of opportunity and I want to thank organizations including uh the black economic Alliance the US uh Black Chamber among others who have worked with us to ground this work so today we're going to have a conversation about the resources that are available from the historic legislation that has been passed and I want to start with under secretary Co the vice president is here in Atlanta in part to highlight the Biden Harris administration's efforts in making investments in communities that have historically been left out and left > - [03:56](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=236) behind so talk to us about how the department of transportation is working on those issues including with the reconnecting communities and neighborhoods program um Cong M for first I want to just take this moment to acknowledge you and your leadership as the chair of the CBC uh we are here because of your great leadership so I want to First acknowledge that as a native of Thomasville Georgia um I can tell you what it means when you hear a statement of living on the other side of the railroad tracks and two meaning communities across the country has seen what infrastructure would not align with Community Voices with Community aspirations can do to their communities and that is no different from a community here in Atlanta where the I75 > - [04:42](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=282) 85 known as the downtown connector came into what was known as the uh butter sweet butter mil biscuit District also Sweet Auburn Avenue and destroyed 13,000 homes uh and businesses now that Legacy right still is seeing today and experience today but through the biar infrastructure law passed by President um President Biden and vice president Harris we have now be able to create what is called the reconnecting communities and neighborhoods program which is a $3 billion initiative to actually write the wrongs that came from these Investments and just this uh week we were so excited to announce that we were giving 150 million to uh fund the Stitch project now this is just one step of repairing the harm but what we also are excited about that we're supporting > - [05:33](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=333) 3,000 new affordable housing projects 13,000 construction jobs and a new apprenti to allow atlantans those natives to actually come back not only start new businesses but actually could have a place to stay that is an example of how the bipar law under leadership of President Biden and vice president haris is trying to write the wrongs of the past so under secretary Co you just mentioned the Investments and what they mean around housing uh reconnecting communities that have been discriminated against based on past um discrimination and and policies and the fact that it's also about job creation and small business uh opportunities as well so under secretary um morset the vice president just met with business own owners that have worked with the urban > - [06:29](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=389) leag of Greater Atlanta to grow their business tell us about the new capital Readiness program that you are leading um and what it is and how people in this room can benefit directly absolutely thank you so much for the question thank you so much for for leading this panel um I I can't help but mention um our partner in the capital redness program which Department of Treasury which is sitting right um and their and their and their team sitting right right right in front of us um the capital Readiness program is a part of the state small business credit initiative um which is opening up $ 10 billion to communities around the country and if you noted um the Urban League is helping to to lead that effort here in uh in metro Atlanta but we also have the US Black Chamber I > - [07:13](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=433) see Ron Busby back there um with the US Black Chamber helping to to lead that that effort um we have 43 Partners around the country through the capital redance program that are helping folks access that $10 billion in St State small business credit initiative funding but they're also helping communities around the country access all sorts of capital throughout um throughout the throughout this country the the idea that that that small minority business entrepreneurs have a hard time accessing capital is something that this Administration has taken to heart and has done something about they've done something about that through the capital Readiness program but they did something about that in authorizing the minority business development agency we talk > - [07:54](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=474) about the infrastructure law mbda my agency has been around for 55 years but we're 3 years old as an authorized agency 55 we were founded under the Nixon Administration but this Administration I keep telling folks we're 55 years old but three years young uh um we're we're we yeah thank you the the mbda has at its core and I have the best job I think on this panel to create wealth in communities of color around this country and that's something different creating wealth the ability for folks to pull themselves up create a new life for themselves and their families and their communities we're not giving out anything to anyone we're helping people who are exceedingly and abundantly able to help themselves but > - [08:39](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=519) for an opportunity the capital rightness program is a part of that opportunity giving folks the tools that they need to create change for themselves and their communities that's why I'm so proud of this Administration and this line of work and that partnership with the Department of Treasury Now you kind of stepped on the lead when when you said it was uh just 3 years fully authorized what was it before why is it important for it to be authorized and what does that provide as far as permanent funding to not just help businesses start but to actually grow and Thrive which is uh one of the initiatives from this economic opportunities T today absolutely so being a permanently authorized agency is something different we were around > - [09:29](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=569) for 55 years founded on the Nixon Administration but it took a bipartisan Coalition of Congress to pass this agency and make it a fully authorized Federal thanks to the leadership of the Congressional Black Caucus a number of other leaders in Congress but they didn't look the same they look like the tapestry of this country and they realized we were born after um born as an authorized agency in the aftermath of the pandemic and we know acutely that the pandemic hit communities like ours differently they hit they hit those communities differently those socially and economically disadvantaged communities differently our agency as an authorized agency in partnership with treasury um through this Capital Rance program has at our core the ability to > - [10:10](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=610) reach across the entire federal government and lift up our communities leveraging not only our Capital but the capital of our partner agencies leveraging the authorities that this Administration has lift up through their executive orders but also through the meaningful and intentionality of changing the way we are doing business inside of agencies I think about this in the context of Department of Commerce we as an agencies where have worked to have over 125 billion of above based funding we talked about the chips act talked about the Broadband act that's trying to get this entire country plugged in and mbda a new federal agency's ability to reach inside of those above based program areas and ensure that communities that look like ours that > - [10:50](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=650) socially and economically disadvantaged communities have a part of this investment that's something real you ask about what this Administration is doing and how it's doing things differently we're putting our money where our values are and that's something meaningful so we've heard a lot about you know the 16 uh million new small businesses that have been started since this uh beginning of this Biden Harris Administration the historic uh legislation that really is providing Investments uh and to make sure that our communities every community that has been underserved or dis advantaged historically are not left out or left behind and to make sure that we're connecting those businesses those owners with the opportunities and these are > - [11:38](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=698) just three of the federal agencies that oversee the federal procurement process and so in addition to all of the booths that are here and the information that will be shared both during and following uh this economic opportunities tour this is ways that we're reaching directly into the community to make sure uh we have this conversation councelor Bower from treasury when the vice president was a Senator she fought for and secured $12 billion for community development financial institutions and minority development uh depository institutions across our nation the Biden Harris Administration has been able to administer that funding and give it out directly to local cdfis and mdis some of whom are here today > - [12:29](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=749) can you talk to us about how you work with cdfis and mdis to advance specifically racial equity and what that means for the people here in Atlanta absolutely well first of all um Congressman Horford thank you so much for your Championship as well of cdfis and mdis and for those who don't know what that means we're really talking about Mission Community oriented lenders cdfi community development financial institutions have a mission and a special certif ification to serve low-income families low-income neighborhoods and communities that have long been overlooked and underresourced when it comes to credit mdis are minority depository institutions blackowned Banks Latino owned Banks Asian native owned Banks and we have > - [13:17](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=797) been super fortunate Senator uh when she was a Senator uh Harris now VP Harris and the Congressional Black Caucus among other leaders have really championed getting resources into instit institutions that we know are proximate to the communities we're trying to serve and it is incredibly important that we're investing in those cdfis and mdis that are delivering capital in culturally competent ways that have the relationships with the community have the presence in the ground so the signature initiative here the emergency capital investment program was $8.5 billion to 175 cdfis of that 1.4 billion went to blackowned and black majority shareholder institutions and we estimate that over the course of this program > - [14:05](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=845) over the next 10 years that's going to be $80 billion to Black communities flowing through this program okay but you ask me what does this mean for Atlanta because we throw around these big numbers so I want to make sure that I'm I'm bringing it home Georgia cdfi received 125 million and two of them are blackowned or black majority shareholder Institutions and they're here hopefully you got to see them and Cynthia and Robert I can't see you cuz the lights are in my face but Citizens Trust Bank and Carver State Bank are both here they are recipients and participants in the EIP program and their resources are outside there's also other another $35 million in Grants to cdfis that are serving Georgia Avenue including Ace which is a local small business lender > - [14:54](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=894) that some of you in this room might know and it matters let me just give you one one example because of some of the Investments That Carver State Bank received they were able to provide financing for medcure which is a local uh uh federally qualified Health Clinic uh and health provider healthc care provider uh here in the Greater Atlanta region because of the $6 million in financing they received they're opening up and expanding a new location that clinic is expected to see 5,000 new patients a year 90 % of which are people of color and 75% of which are low-income families that might not otherwise have gotten access to healthare or have to travel really far to get quality care so when we invest in proximate institutions that means that our businesses our > - [15:46](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=946) community assets like Health Care Centers and child care centers are getting the resources that they need they're also hiring people along the way and creating stable jobs in their communities you know there are a lot of people who question why we need these programs why do we need to invest in certain communities that have historically been underserved and I just want to share that um the disparity in wealth is Stark with a significant gap between black and white per capita wealth in fact today the typical white per capita wealth of of white Americans is $284,100 compared to a mere $44,100 for black Americans so the agenda around economic > - [16:43](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1003) prosperity and wealth this economic opportunities tour and the resources that you all are administering to get to the communities are intended to help close and narrow this racial wealth Gap that is persisted and under the Biden Harris Administration this has been a center of their uh agenda across the whole of government so what resources are available from the federal government to help someone turn their awesome ideas which we've got a lot of people here with great ideas great Passion great products they want to become the creators of wealth not just the consumers of it what would you recommend that they do from the standpoint of your programs that you administer within your agency to connect their ideas to the programs that are > - [17:41](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1061) available through the federal government I I'll go first um well thank you so much for the question and I I ask you for some of you in this room go outside we have I have tables of of of the five equities that we have at the minority business development agency we have a business center here that's outstanding with through Georgia Tech um they are doing Innovative and and and novel things but more importantly they're trying to connect with you they're trying to connect with all those who have a interesting idea that they want to get off the ground at any phase of development um we also have the relationship that I I mentioned before with the Urban League and the US Black Chamber we also have a relationship with um M like with the msis minority > - [18:19](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1099) servicing institutions around the Metro Atlanta area the the truth is we have equities around the country 131 equities around this country please mb. goov if you have an idea that you're trying to launch or if you're trying to create a business formalize your business connect with our business centers but if you're a member of other Affiliated group other groups that are affiliated with mbda if you're a member of a Greek organization we just signed anou with the Divine n I'd ask for you to connect with them we have lasting like we have new and and developing us across both federal government and the private sector and Affinity groups if you think that we can be of any value to you or if you have an idea that just needs to get incubated and developed come to us come to me > - [19:00](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1140) reach out um and we're happy to work with you and and and and help that idea Blossom yeah I I want to put a fine point on why this is so important and how much we're um we're working together right now um Christopher here is in charge of one of the uh largest public Investments uh that we're going to see in our generation the bipartisan infrastructure law um in um in Eric's agency they Le leading the um chips and science um act and uh in my agency we have the inflation reduction act now practically that's happening all over federal agencies but what you have up here on stage represents uh once in a generation Suite of Investments that are not only going to transform our economy but let's be real about what we're talking about we are in the middle of > - [19:53](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1193) building the next middle class these Investments that we're talking about are not only onshoring our manufacturing Supply and improving our national security improving our infrastructure improving our climate resiliency they are creating job opportunities and Contracting opportunities that have the ability to take those business take our communities that have not just been underresourced but frankly underestimated and create a set of opportunities and now we didn't just say like okay go build some manufacturing plants and go build some bridges we also put the financing out there for businesses to be able to get those contracts and the technical assistance and resources the capital Readiness program is strategic to help businesses > - [20:40](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1240) really seize these opportunities um similarly through your state here the state of Georgia there are more technical assistance opportunities with many of the partners that have already been named with the financial institutions that I talked about what I want to make clear is that whether you are trying to take your side hustle and turn it into your full-time job or you're looking for an equity investment to scale your tech company we are putting the financing and resources out there and we're doing it through proximate partners that understand black and brown communities that understand how to invest in our companies and help scale those Enterprises it's because we're going to be able to get these contracts that I think we're in the best > - [21:26](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1286) position we've ever been to complete completely transform black and brown wealth in this in this country and let me say that is good for everybody because on behalf of the Treasury Department I can tell you it's the right thing to do but it is also the economically smart thing to do right now we are leaving money on the table when we leave our communities on the economic Sidelines when we get our communities off the economic Sidelines we're generating more wealth more jobs and more Revenue that is good for everyone an investment in our black and brown communities is an investment in America Christopher I would say we can stop there there's a amen and all of that um the thing I would just add um you know > - [22:19](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1339) as uh Janice mentioned we at the department of transation do not take it lightly that we have half of the $1.2 trillion of the bip Parts infal law and and the fact that we have to look at in a sense this is not just about building roads and bridges this is literally rebuilding America and for all Americans and particularly those that have been left behind and disinvested and that is the black and brown communities as well as rural communities as someone who comes from rural South I can tell you right now our main focus is to eliminate and reduce barriers to access to Capital so right now as mentioned by my colleagues we have a booth manned by office of small and disadvantaged utilization where they have now launched this past week a new uh access to > - [23:05](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1385) Capital portal which will allow entrepreneurs small businesses to directly connect interview solicit and secure private Equity to scale your businesses that is at the table right now so that's going to open up billions of dollars I can tell you in addition to helping eliminate it's also allowing the department of trans to put our money where our mouth is so when we came in on day one we had a procurement of dbes and minority contracting women Contracting set at roughly about 17 to 18% our secretary said that's not good enough in one year we said we're going to go from 18 to 20% we exceeded that that goes through Janet's point is that there is amazing businesses who are ready to take on the work the other piece here one of the things I'm really excited about > - [23:56](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1436) especially being here in Atlanta in a addition to announcing the dollars that we did to the Stitch having a working partnership with the Atlanta belt line who also received a $15 million grant for the Flint Trail segment what is really fascinating about that element is that Clyde and um and and Anna roach with Arc are finding ways to break up the contract so that local businesses can take advantage of that opportunity particularly in places like East Point and Clayton County that hasn't seen a Federal grant ever and I can tell you at a larger level we looking at how do we make sure these Investments these Grant dollars are not just catalyzing in black and brown communities but we're also making sure that they're transforming and the last thing I'll say here is that > - [24:37](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1477) we are in Atlanta Atlanta is the POS and child of what it means if you get good infrastructure how it can help create the black middle class and that is right here at the airport and the importance of our dbe our disant Enterprise and Airport concession program we know how it has helped Atlanta but here's the thing we just this past week announced that we need to make changes to the dbe program because we've heard some all of you that the current rules actually graduated businesses before they can get to scale so that's why we made changes we are now allowing uh uh dbes to have a larger or bigger uh personal wealth so they can actually stay in the program longer we're also allowing you to use your certification as a regional so you're not going to each state to try to > - [25:25](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1525) get certification in addition to that we are forcing more prompt payments because it's one thing to say we want you on these contracts but we need to make sure you get your money so you can also play your own employees to invest in your own communities so these are just some of the examples that we are taking at Department of trans station to ensure that these dollars truly build back our communities for everyone you guys get real excited about talking about all of these great opportunities that are available and and this is exciting information and it's why we wanted to be able to have this direct conversation led by vice president kicked off here in Atlanta uh this is part of a national tour around economic opportunities for all and > - [26:07](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1567) making sure that that freedom that we're fighting for for economic Justice parity um is available to everyone within the federal government as well as in the private sector so as time uh comes to an end I would like to ask for you to talk about um for anyone who is here who wants to know how they con seeed themselves in the Biden Harris administration's historic efforts in infrastructure around small business support and in financing how should they connect in order for their ideas to be fulfilled based on the opportunities that each of you have talked about Janice we'll start with you sure well first of all um since I know this the last time I'll have the mic on this let me just say thank you to a lot of people in this room because up here we can we > - [27:03](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1623) can build a really good mouse trap but if we don't have the partners like the people that are in the room that are going to help get the word out who are going to make the connections with communities then our stuff can fall really flat which brings me to how people should see themselves in this Administration please see them through our partners and who we align ourselves with again for us our booth out there is car our state bank and Citizens Trust Bank please stop by and see them also come see Treasury and learn about tax credits I didn't have a chance to talk about that on this on this panel but who we are partnering with should tell you everything about the intentionality we're bringing to make sure we get to communities that haven't always felt > - [27:45](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1665) like the federal government has been on their side because it hasn't and we we are doing everything we can to change that three ways you can see yourself number one go see to ruffus who's head of our a office she will connect you literally make you sign and create a profile where you have a media access to uh lenders and Equity Partners who want to invest in your business that's number one number two if you want a contract go to sam.gov register and there you'll see the hundreds and thousands of contracts that are coming through the Department of Transportation as well as our sister agencies and number three if you are working with the local government and you say look my street are not paved I need more Transit access but you know > - [28:30](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1710) what I have a great uh technical assistance program to train young black men who are pering cerated well guess what we have programs for that so all you have to do is go to the Department of transportations website transportation. goov go to our DOT Navigator and we will show you how to put together an application to get resources to your communities and I can tell you one of the things that we have to do as Administration we have a Justice for initiative to make sure 40% of our investments are going to disadvantaged communities already in fy22 and FY 23 the Department transportation has went from 60 of to 62% on average of our investments going out that have work force and entreprene entrepreneu opportuni so again those are > - [29:09](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1749) the three places I would say you should go and see yourselves in it it's outstanding I i' just I'd reiterate some of the things that I've highlighted before but acutely for those folks here in Atlanta we've got five equities here we've got our enterprising women of color here we've got our connection to MSI minor serving institutions here we've got two CRP award um grantees um that are working to connect people to Capital access opportunities here in Atlanta and we also have our business center but beyond that we have procurement centers that are helping people access procurement opportunities within the federal government and outside of federal government we have our manufacturing specialty centers for those people who are interested in > - [29:40](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1780) accessing manufacturing opportunities and also look inside of yourself for how you are affiliated with different uh organizations that might be connected to us we've got a whole line of equities that are connected to this country but more importantly we are here to work for you I say this and I say I said it before and I'll say it again I have the best job in the federal government my job is to help communities like ours create wealth I am here and interested in helping all of you and all of your communities and all the socially economically disadvantaged communities around this country create something different for themselves thank you to the Biden Harris Administration thank you to the Congress for passing a law that allows for me to have this amazing > - [30:16](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1816) job but more importantly change the life and trajectory of a whole SL sloth of folks who've been looking for this for a really long time let's give our panel a round of applause and on behalf of the Congressional Black Caucus uh we are honored to work in collaboration with the Biden Harris Administration and the launch of this Economic Opportunity tour which focuses on more than just growth it's also about advocating for total economic participation particularly for communities that have been left out left behind the black community and other marginalized communities we deserve a seat at the table and as the panel has said when we lift up Black America we lift up all of all of America when we move more people to the middle class and > - [31:09](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1869) create more small businesses it helps increase the GDP for all of America so that's what this economic opportunities tour is all about thank you for joining us today and uh let's make sure that you get out and connect to the resources available from the Biden Harris Administration [Applause] hello hello hello everybody y'all are a little quiet today y'all we've got the vice president of the United States right here in Georgia again I am congresswoman AKA Williams y'all and I proudly represent Georgia's fighting fifth congressional district Madam Vice president if you're listening it is an honor to welcome you back to the fifth district with all of your visits were > - [32:06](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1926) beginning to think that you might want to call Atlanta home like so many of our other friends because y'all most members of Congress think they represent the best District in Congress but I really do y'all we are the best in part because we're home to some of the greatest leaders our Senators Senator John oaf and Senator Reverend Rafael waro who I'm proud to count as co-conspirators for social and economic Justice the fifth district is also the best because y'all our home is full of promise and opportunity it was the promise that got me on I20 in my 91 Honda Accord right after graduating from my HBCU Talla College y'all Atlanta was the place that you came to make it happen over time though I've learned that we still have a lot of work to do Atlanta has one of the > - [32:54](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=1974) largest racial wealth gaps in the country and one of my biggest priorities in Congress is closing that racial wealth Gap that's why I'm so thrilled to have our vice president of the United States back with us today to kick off her Nationwide Economic Opportunity Tour Atlanta has been voted the number one city to start a business not once but twice y'all a thriving ecosystem for black entrepreneurs helped us earn that spot and y'all earlier this year I had the opportunity to bring our future speaker of the house leader hakeim Jeff to Atlanta to show off some of the best that our city has to offer We Tour the Russell Innovation Center for entrepreneurs and y'all that place made a real mark on ler jeffy's heart he said after the tour that we need this in > - [33:44](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2024) other places so today I had an opportunity to bring the vice president to that very location y'all we are truly a model for the world and our work to support black entrepreneurs is only Amplified by the unprecedented in Investments of the Biden Harris Administration the fastest creation of black small businesses in over 30 years doesn't happen without an intentional focus on Equity Equity is at the foundation of true Economic Opportunity and yall are vice president and president are leading the way investing in equity and opportunity across every Arena including our infrastructure our infrastructure is sometimes a barrier to opportunity the damage from interstate highways built as a part of the 1956 Federal Highway Act that divided once > - [34:31](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2071) thriving black communities in Atlanta like Sweet Auburn Summer Hill buttermilk bottoms and the West End just to name a few the damage lingers to this day but y'all the Biden Harris Administration is correcting this Injustice with more than $200 million in historic Investments right in Atlanta to reconnect our communities and revive centers of black excellence and opportunity has anyone ever heard of the Stitch well if you haven't you will soon because this is a transformational piece of opportunity that we're bringing here to Atlanta to bring this project to bridge barriers to jobs to schools and to Transportation it'll Spar New Economic centers where entrepreneurs can start their Ventures and provide greater access to customers to reach them you can live work play and > - [35:20](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2120) pray right in your neighborhood I was proud to lead the legislation that made these grants possible because y'all connected communities are thriving communities I'm grateful for the investments from the Biden Harris Administration that will put shovels in the ground to bring these projects to life and create good paying jobs in the process y'all this is only the beginning there's so much work to be done but with President Biden and vice president Harris leading the way we're going to deliver on Economic Opportunity for all so that everyone can share in the promise of America no matter their zip code and no matter their bank account so y'all thank you for joining us and welcoming our vice president back to Georgia for the 12th time since she's > - [36:03](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2163) been our vice president thank you please welcome Senator Raphael warock well hello Atlanta I'm a Baptist preacher we believe in call and response you got do better than that hello Atlanta Georgia let's give it up for vice president kamla Harris Let's welcome her to Atlanta thank you madam vice president for joining us to commemorate this historic and important investment in our community and thank you to uh my brother and partner Senator ooff and congresswoman Williams for your cooperation and your leadership on this important project uh let's be very clear today is a day of Celebration it's a day of Celebration because at > - [37:12](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2232) last we start down the road of repairing and revitalizing and reconnecting neighborhoods in the heart of Atlanta neighborhoods that uh have been historically black communities torn apart by Highway construction between 1955 and 1966 that's when they stopped collecting the data but between 1955 and 1966 some 1.2 million Americans displaced by this highway construction it went on until 1974 so we don't have all the numbers but 55 5% of them African-Americans although we were just 133% of the population they called it urban renewal the question is at whose expense and so this this this is about making it right this is about repairing the damage > - [38:15](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2295) that was done this happened in Atlanta we're centered on this project the Stitch let's hear for the Stitch I I like that term by the way Stitch that makes me think about Grandma's quilt that's good work that's good work for the soul but this happened in communities black communities all across our country the neighborhoods where I grew up down in Savannah Georgia there's an interstate that went right through my neighborhood and I didn't know the history of that how it literally separated our communities and destroyed the entrepreneurial ecosystems that were there separated the land but also separated the people and so this means a whole lot uh for all of us right down the street from Ebenezer Baptist Church > - [39:04](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2344) where I still serve as senior pastor just a few blocks away uh many of my parishioners have long connections to this community that has been divided and many of their stories and their family stories are rooted in the displacement experience all of those years ago and so for many Georgians the Stitch is is about bringing people back together it's about expanding opportunities to work and to live with dignity and writing historic wrongs to pass down a better world to our children my personal hero Ambassador mayor Reverend Andrew Young is in the house give Ambassador young Round of Applause but that was the work of the movement the movement was about the Stitch it was about repairing the damage > - [40:04](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2404) it was about breaking through the barriers of segregation and ironically right on the hills of that movement while that movement was happening the land was being separated and the people were being divided and so that's the work that we continue to do I'm so grateful to have played a role in making it a reality this is what delivering for Georgians looks like and it's just one more example just one example of the Biden Harris Administration and all of us in Washington centering the people in the decisions that we're making that's how we got this historic funding for the Stitch through the bipartisan infrastructure Bill and that's how we continue to stand up for people and Center people time and time again that's > - [40:52](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2452) how we capped insulin for seniors at no more than $35 of out of pocket cost per month that's how we invested more than seven listen 7 billion with a B7 billion doar in historically black colleges and universities that's how we cancelled more than $50 billion do in student debt for more than 4 million Americans and how we're pushing to do even more of the Stitch this historic Federal investment all of these deliverables represent the good that we can accomplish when we put politics aside and center the people I'm going to keep working with the president and with the vice president and my fellow Georgia lawmakers to keep delivering these strong Investments and make sure the work we're doing in Washington works for the people of this > - [41:46](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2506) state thank you once again for being here thank you madam vice president and let's keep pushing keep the faith and keep looking up please welcome Senator John ooff hey [Applause] guys how you doing y'all give it up again for my colleague my friend my brother Senator Reverend rapael warno [Laughter] and and she is not quite here yet but she'll be with us soon so let's warm up and demonstrate our capacity for appreciation put your hands together if you're proud and grateful to have the vice president of the United States with us here in Georgia today it is a pleasure to be with you > - [42:49](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2569) here in College Park it's a pleasure to be with you here at this beautiful Convention Center as we celebrate the historic investments in Economic Opportunity for all that we have made and are making here in the state of Georgia and across the country and I want to speak for a moment about the transformative impact of the bipartisan infrastructure law this may not be the policy issue that leads on cable news which is always focused on what divides us this may not be the policy issue that gets the most attention on social media where that which divides and inflames Rises to the top but what is infrastructure it's the basic connective tissue of our daily lives for families for businesses it's > - [43:40](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2620) the foundation of economic growth and this Administration and our Congress passed and are now implementing the most significant investment in the infrastructure of the United States since the Eisenhower Administration that work is in progress across Georgia and Across the Nation right now and it's important to note that we pass this legislation with bipartisan support we brought folks together to do what is in the people's interest as divided and polarized and bitter and even hateful as American politics can seem right now we United the country to do what is in the National interest now what does that mean daytoday in the daily lives of folks here in Georgia and across the country > - [44:31](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2671) this is why in Clayton County storm water infrastructure is being upgraded to prevent the flooding of homes this is why in rural communities across Georgia broadband internet is being expanded in an effort whose ambition can only be matched by the rural electrification efforts of the 1930s this matters in our daily lives this is whether or not that third grade girl in south Georgia has to be driven down to the McDonald's to get on Wi-Fi to do her homework or can do it at home this is whether or not underserved communities across our state can compete can get online can access world markets and resources broadband internet matters let me give you a sense of the scale of investment that's ongoing across our > - [45:24](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2724) state right now fiscal year 20 24 this year alone the bipartisan infrastructure law is investing more than $1.8 billion in surface Transportation upgrades across the state of Georgia we're repairing roads and bridges we're upgrading airports and sea ports and rail systems across the state and this is a long-term down payment on our economic competitiveness on public health and on our quality of life so as this election season heats up you hear so much divisive rhetoric and there are so many efforts to tear Americans apart let's stay focused on what matters our health our safety our opportunity for every Community here in Georgia I also want to highlight for you the historic and extraordinary > - [46:17](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2777) Investments that we have delivered in historically black colleges and universities here in Georgia and Nationwide and you heard this from senator waro but for Georgia's HBCU alone more than a quarter of a billion dollars in supplemental investment just in the last three years and so as we work with this Administration to expand Economic Opportunity for all that means expanding opportunity and access for all and Georgia's HBCU which are gems in our nation's educ system are crucial crucial Partners in this effort and they will continue to have the full support of the administration and of the Congress I see Ambassador young is here with us > - [47:10](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2830) Ambassador thank you for your Decades of service I'll just close by noting this because Ambassador young you embody so much of what makes Georgia special you embody the spirit of a generation who having fought successfully for voting rights and civil rights and human rights led the way to make this community the leader in the world in opportunities for black entrepreneurs that was your work ambassador and I know that the vice president is here and we are united in this effort to continue ensuring that every community in the state of Georgia has access to Capital has access to education has access to markets so that we can live up to the > - [48:14](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2894) Legacy and the example that you set thank you Ambassador thank you all for being here to welcome the vice president of the United States to the state of Georgia it's a privilege and an honor to represent you in the United States Senate thank you so much thank you thank you Atlanta Atlanta how we doing today I like it I like it can y'all tell I'm excited uh good afternoon on this beautiful Monday where we have so much so much to be thankful for especially in the presence of the first woman in black American to be elected as vice president of our country now aside from My Wife and maybe my mom I'm not sure how she feels I know y'all didn't come here to hear me speak uh so I'll try to make this as brief as > - [49:21](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=2961) possible my name is Donald Boone graduate of North Carolina entt State University an Atlanta resident husband and father of three and I also happen to be the CEO and founder of a venture-backed software startup boxed up we help small and medium-sized businesses start and grow their online equipment rental company so obviously obviously everything that we're talking about today is extremely near and dear to my heart but but like many entrepreneurs and those In This Crowd the path to me getting here to day has not been easy it's had its fair share of ups and downs scrapes and bruises paths less travel and I wouldn't recommend this to anybody but to get boxed up off the ground back in 2019 I cashed out my 401k y'all not part of it all of my 401k > - [50:16](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3016) and then soon thereafter I also became American Express's MasterCard in Visa's ideal client and best friend and you guys probably know what's coming next I maxed out all three of my credit cards to keep my business growing and if that wasn't enough to make my wife want to divorce me in 2001 we're talking Peak Co we moved with our three kids from Seattle to Greenville South Carolina across the country to move in with my mother-in-law all so that I could trace chase this dream of building black wealth but here's the thing thank you thankfully it doesn't have to be this difficult in addition today like today vice president Harris and the administration are doing everything in their power to change that she gets us > - [51:12](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3072) and she gets what we need to be successful and she's been fighting for years to make that happen and expand access to capital for small businesses and entrepreneurs and last year I had the privilege of being invited with business owners like myself to the White House to actually share our feedback and learn how they can better support us all and in 2003 they also backed thousands of loans worth billions with a B of dollars to small businesses y do y'all understand what I could have done with just a little bit of some of that money so with that um I'd like to introduce you to our moderators for today a lot of you guys in the audience know them well they are the co-founders of the Revolutionary Financial Empowerment platform earn earn your > - [51:57](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3117) leisure earn your leisures Empire spans the world's largest financial Festival invest Fest held right here in Atlanta and the earn your leisure Network which includes three top 100 podcasts and an and and and and a robust online presence with over 3 million followers across all social media channels please welcome to the stage Rashad bow and Troy millings are we speaking or and finally to tell us a little bit more and how we can get our hands on some of those dollars and S and support small businesses it's my honor to introduce my sorority sister and the vice president of the United States KLA Harris good afternoon everyone good afternoon good afternoon Atlanta how's everybody > - [53:36](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3216) doing how's everybody doing okay we're in Atlanta all right but before we get started uh I want to welcome you to The Economic Opportunity tour this is stop number one and what better place to do it here in Atlanta Georgia that's right the city of opportunity uh we want to acknowledge a few people before we get started uh Senator John oof uh Senator Raphael warno Representative Steve Horford who is the chair of the Congressional Black C caucus and is celebrating a birthday with us today yes he is happy birthday happy birthday and Vincent Evans who worked with him uh representative nikima Williams and the leaders of the black economic Alliance who have helped partner to make sure that this tour runs > - [54:25](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3265) smoothly so congratul and thank you guys for being here today yes you know we do events all the time but this this is a little bit more uh different I would say that you know a different dress code they're not as enthusiastic for our presence they're warming up they're warming up I uh is more presidential for sure well first and foremost thank you for inviting us to have this conversation is uh something that we are definitely looking forward to for sure me too thank so my first question is um how are you and the president building an economy that provides an opportunity for all so let me start by one thanking Donald Boone for that introduction and being here he is one of the almost 50 > - [55:12](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3312) entrepreneurs that I invited to my office at the White House last summer to talk about their work and so I could listen to them and learn what we needed to do to get the word out about what we are doing and this Economic Opportunity tour as much as anything was born out of that and then a dinner that the three of us had at my house and um and is therefore about being on the road um to let folks know what is available to them in the spirit of understanding we have so many entrepreneurs we have so many people who have incredible ideas they are Innovative hardworking um ambitious have aspirations have Vision none of that we lack for in the community but for most folks we lack access to the resources > - [56:11](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3371) that will feed those Ambitions and those aspirations I chose Atlanta to be the kickoff for this Economic Opportunity tour for many reasons that include one of the leaders who is Among Us and I would ask us to rise and applaud him and his Ambassador Andy young who is here with his wife Caroline and I will tell you as a point of personal privilege Ambassador young has been an an advisor to me a mentor to me and a friend and has always talked about his vision his shared Vision with Dr King about the vision for America that included a vision that was about fighting for civil rights and understanding that to achieve true equality we have to also have an economic > - [57:10](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3430) agenda and that agenda must include speaking to people's Ambitions that yes everybody wants a job and President Joe Biden and I are very proud that in our Administration we have brought black unemployment down to Historic low but that's a baseline we also are focused on something Ambassador young has talked so much about which is creating opportunity for people to build wealth and to thereby not only strengthen their family Donald Boone talked about that but strengthen the economy of the community as a whole and everybody in society benefits so that's why I'm here and to talk about about what we have done whether it be an extension of the work I did in the in > - [58:00](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3480) the United States Senate to get 12 billion more dollars into Community Banks or the work that we have done and you heard the panel earlier today that is about uplifting our capacity through the treasury Department I want to thank secretary Yellen and her absence for what she has done to be a partner to me around focusing on a number of issues that are about access to Capital but with a focus also on minority owned businesses and then what we did to create the Economic Opportunity Coalition which is folks you know Bank of America um Wells Fargo Bank Google and getting private Equity to invest in Community Banks some of the local Community Banks being represented here to increase access to Capital so that our entrepreneurs in the community have > - [58:46](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3526) a place to go where it's the the people who are doing the The Lending know the community know the capacity of the community know the moreas of the community and can provide not only Capital but the the knowledge that so many need to understand how to run a business you have a great idea but you don't necessarily know how to run a payroll don't necessarily know what kind of system there is for business taxes in a way that allows you to maximize right your resources don't necessarily know how are you going to keep up your inventory and um and and don't necessarily know what is available in terms of creating access to markets so you have a good product but you need access to markets so the work that we > - [59:33](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3573) have been doing over the last three years has been focused on all of these areas and also understanding the context in which we exist which is the long-standing disparities and understanding that in spite of those who in certain parts of our country want to attack Dei we understand that you can't truly invest in the strength of our nation if you don't pay attention to diversity equity and inclusion we are for example paying attention to the fact that in order for any family or individual to have economic well-being much less the opportunity to create wealth we need to take into account the history of for example the ability of black folks in America to own a home > - [01:00:26](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3626) let's go far back enough we can go even further but let's go far back enough to remember the GI bill that was a promise by our nation to invest in who we call the greatest Generation who fought in that war and so there was a policy that said let us reward them for fighting for our nation and all that we hold sacred and give them access to loans for homeowners ship and the reality however of a well-intentioned plan is that it was not well-intentioned in the way it was implemented for a lot of people in that black veterans did not receive in equal measure those loans and so whereas a whole population people had public policy that was about Federal investment on lifting people up certain folks and black folks in > - [01:01:24](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3684) particular veterans did not receive receive the benefit so now look at the disparity that's created even by that we look at the history of of redlining we look at the history of segregation we remember what happened I know we're going to talk about about these Urban plans and what that did to cut freeways across communities and limit their access to Commerce we look at what we've been dealing with as a as an Administration around bias and home appraisals even to this day where It is Well documented that when a black family in certain places is trying to get an appraisal for their home be it to get a second loan or to sell it they're appraised at a lower value than a similar situated white family and so these are some of the areas that we are > - [01:02:13](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3733) focused on through our economic policies we've been dealing with student loan debt understanding that you know black students are much more likely to take out a pel grant we've seen an increase in tuition over the years but the increase in in in in pel Grants has not been commensurate with that we're working on that a bit but student loan debt and the the Forgiveness of that um as a way to allow people to have more assets that they can then put into buying a home or um or building a business so these are some of the examples of what we've been doing we've been focused on medical debt let me just add that medical debt can be one of the fastest ways that somebody can go go bankrupt and often that medical debt is accured because of some medical > - [01:03:00](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3780) emergency that someone or someone in their family has experienced that they didn't have the savings or the anticipation for and we have now put in place a rule that is in the process of being implemented where we have required that medical debt cannot be a part of your credit score and medical debt cannot be considered when your credit is being evaluated for a car loan a home loan things of that nature so these are some examples of what we've been doing yeah I want to stay with that that theme of access because it's a it's a real issue when we talk about access especially communities of color we've lacked it a lot of it has been done for many of reasons but specifically and you kind of alluded to it urban renewal yeah so I'm > - [01:03:50](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3830) interested in knowing what work is being done to address some of these historic inequities so during the late 50s and 60s um there was this whole policy push National policy push that was called urban renewal but what it ended up doing was um and and and it was supposed to be about making life easier for people that live in the areas where it happened but essentially it was about a policy that was directed in making it many people will say easier for folks who um had wealth and means to to move to the suburbs and still have access to the to downtown I'm oversimplifying it but that's essentially it and you see across the country I'm going to be in Detroit on this tour I'm be in Milwaukee as you > - [01:04:43](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3883) all know I'm from California from the Bay Area we saw it there um where these these freeways were built and basically to cut through communities which bifurcated the community so that folks couldn't have easy access to let's say the the small businesses from where they lived and it ended up deating these communities for years so what we have been doing through our infrastructure bill is putting resources into basically reconnecting communities so here in Atlanta for example um a freeway 75 and 85 what we are doing is is dealing with the fact that I guess there was a division from Sweet Auburn from downtown and what we need to do to reconnect by creating basically Pathways > - [01:05:33](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3933) that include over that pathway creating Parks but literally the infrastructure and recreating that infrastructure so we can reconnect communities so here in Atlanta there's going to be $158 million out of our infrastructure bill that will do that work and it's going to create we estimated about 13,000 jobs and and also focus on affordable housing which was one of the big issues that we're facing as a [Applause] country another major issue for entrepreneurs is access to Capital we know that I think less than 1% goes to Black businesses so what are some steps that um you guys are doing to kind of correct that issue which suffocates a lot of businesses from getting started > - [01:06:24](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=3984) or from expanding so here's where I come to this point it none of us have achieved success without support none of us and without someone or or people who understood our talent and our dreams and encouraged us to achieve it and showed us how to achieve it and as much as anything that Spirit behind the push for access to Capital and in particular on this tour focusing on minority small businesses and blackowned small businesses and small businesses and entrepreneurs who are black men is to recognize the disparities that have existed around the access to the opportunity to achieve success again I will say because success is almost always a function of some investment > - [01:07:25](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4045) from a community or others that went into the individual who then achieved success so the access to Capital push that we have made has been about yes getting more federal dollars into Community Banks it has been about getting the private sector and the big Banks to invest uh because they will admit and we know they are not necessarily in the place where they are where we need them to be situated to know the community access to capital is encompasses a a commitment to also making sure that we are doing the teaching to then create the access to markets so it's about financial literacy a lot of what we talked about before around helping people know how to start a business and keep a business going and > - [01:08:13](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4093) it's also about understanding that our small you know I know I use I interchange the word entrepreneur and small business I think basically depending on the generation someone considers themselves entrepreneur in terms of younger small businesses but it's all entrepreneurship right um what we also know is that our entrepreneurs our small business owners are not only leaders in business but Community leaders Civic leaders hiring locally mentoring creating opportunities for economic development and growth within individuals and communities so the work we are doing to extend access to Capital is about tapping into the ambition that exists the aspirations that exist and then > - [01:09:00](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4140) giving people the the resources that are necessary money and other resources to actually achieve success can you talk a little bit about how you all achieved your success and how this kind of approach would lend itself to to others having a story similar to yours um yeah you know we started with an iPhone and idea that's that's how we always say like we we have any Capital when we started right um and that's the beauty of social media technology has really empowered everybody and kind of leveled the playing field but what we're seeing is that when we're interviewing you know other entrepreneurs that may not have the same business model as us they have an extremely difficult time and especially when we look at the next generation of > - [01:09:51](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4191) unicorn companies billion dollar multi-billion dollar companies those are mostly tech companies and you do need a lot more money to start a tech company so I feel like the entrepreneur and morouse and Spellman they have just as good ideas as Mark Zuckerberg and Jeff basos but they don't have the capital right so they either abort those ideas or they work for those companies but even that's an issue because we know that we are not hired at the same rate in Silicon Valley as other people as well right so even talking to Robert Smith and a lot of other people like that this is a very um complex problem but I think from our perspective we have a unique perspective cuz we actually get to talk to entrepreneurs every single day yeah and we can understand how > - [01:10:41](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4241) $100,000 could just accelerate their business right $50,000 can accelerate their business right and even looking in the crowd we have entrepreneurs I see pinky Cole I see East Side Golf and these are young entrepreneurs that went out on the limb and bet on their s right but a little bit more Capital they can be the next McDonald's that's right they could be the next Nike right and that's what we need in our community so they can employ that's right so they can employ not just 100 people but 100,000 people that's right and that you you hit it on the head in terms of how we feel about this um this is you know that yes there are going to be those who need $20,000 > - [01:11:28](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4288) loans but folks need million doll loans right and and when we talk about a small business it it will be it could be a dozen employees but it could also be 200 employees and it it is that piece of it that is about getting to that next Plateau that is very much how I'm thinking about this tour and the work that we are doing so yes it's about startup C Capital but also what is required then to grow and to scale and have it be sustainable one of the pieces I I failed to mention before but I'll mention now is the president and I when we first came in made a commitment um that we are going to increase by 50% the number of federal contracts going to minority owned businesses and we're on track to get that done so part of the point of this tour > - [01:12:21](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4341) has been to give folks information about how you apply for a federal contract contct the reason that we made that commitment is because we then put in place more information that is available to more people about how to get a federal contract because a lot of that historically has been who you know and when you get a federal contract it is potentially yours for life and it's very sustainable and can be the source of great growth for that individual who owns that business and and Beyond I'll also say this and I was saying it to a few folks earlier the work that we have accomplished as an Administration be it the infrastructure Bill and what we are doing to invest it'll be trillions of dollars in infrastructure roads Bridges sidewalks > - [01:13:09](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4389) all of that Transportation public transportation what we have done with the with the um the the chips and science act which is about investment in technology and research and development what we are doing with the inflation reduction act which is about at least a trillion dollars in invested in the climate but a clean energy economy one of one of the compelling reasons for me to start this tour now and to ask all the leaders here for help in getting the word out about what is available to entrepreneurs and small businesses is because we are in the process of putting a lot of money in the streets of America for this growth and we want to make sure everyone has access to the opportunity to take advantage of the contracts and the work that is being generated by this > - [01:13:58](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4438) policy push and so we want to make sure people know about it and then know where they can receive the support to be ready to take on the work and then to grow their capacity I was very surprised to learn that over 70% of construction companies in America and I'm pretty sure that number is still correct 70% of construction companies in America employ 20 or fewer people those are small businesses right who when we're building back up America's infrastructure a lot of that is construction work got to make sure people know about what's available to them to actually take those jobs yeah I think that's that's why this moment is so important right I always believe that first it's the awareness part we > - [01:14:46](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4486) understand what needs to be done then it's the education around it which I think people kind of leave out but it's the action piece and it feels like there's some action especially with this tour there's the action that's going to take place I want to talk about something that's important to every entrepreneur and that's the cost of living affordability and so we've seen interest rates obviously over the past four years they've risen what what steps are being taken to lower the burden of of housing cost because like you said this disparities in it we can go all the way back to the GI bill when we talk about the creation of of generational wealth uh throughout communities it's kind of missed us so what is being done now from your side so to your point um > - [01:15:25](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4525) we know that homeownership is probably the most effective way to build intergenerational wealth and it just it's a fact and and just think about it in this context as a homeowner then as a parent if you have a child that wants to go to okay I do want going to say Howard University such a great choice wonder where you got that one from I could help myself or FAMU or or Spellman or morous or Clark and as and Clark Atlanta yes and as um as a parent then as a homeowner if you have some equity in your > - [01:16:26](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4586) home you can say to your child you know don't take out the loan I'll take out some of the equity to help you pay for tuition so that you don't graduate with extraordinary student loan debt and so that when you graduate you can do your dream job and not worry about those hundreds of thousands of dollars of debt and you can go on and and prosper as a homeowner if your child says to you I want to start a business I've got a great idea and you as a parent can say let me take out some Equity to give you some startup Capital intergenerational wealth however again as we've already discussed there have been biases and > - [01:17:16](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4636) explicit laws and practices that have been in place over generations to exclude certain folks and communities from from that opportunity to create that wealth and so we're focused on it also knowing that the the the net worth of a homeowner is about 40 times out of a renter think about that and so what we can do to uplift and create opportunities for that are very important so one of the things we've done is we have proposed that there would be for first generation homeowners so firsttime homeowners um at a certain income level a 25 ,000 credit to be able to put a down payment down which we know would make a huge difference um and then we're looking at > - [01:18:07](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4687) an additional policy that would be about basically for for those who qualify $400 a month um in tax credits so people can be able to pay their mortgage on a monthly basis and we are on track to commitment to build 2 million more affordable housing units including what we're doing here in terms of the freeway so that's important but the reality of it is that when we focus on this issue we got to realize that part of the reason everything is so expensive is we don't have enough Supply on the market and this is a national problem so our investments are about also what we need to do to build affordable housing I'm looking at some issues around how we can look at vacant commercial real estate and conversion um there's a lot of this > - [01:18:54](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4734) issue that is about also what we need to do to focus on local rules that might make it zoning rules that might make it different for these things to happen and how we can create incentives that are productive for everybody um and then it gets back to for example the student loan debt and what we have seen we have we have now forgiven over $150 billion in student loan debt on average we're looking at somewhere around $70,000 per person and especially if we're talking about people in public service nurses firefighters teachers and doubling the number for them um but but one of the other things I'd ask the leaders here in terms of helping me get the word out let people know they qualify for student loan debt even if > - [01:19:43](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4783) they never graduated that's really important for folks to know because you know think about it in terms of the logic of the policy why is it that that the case because sadly they didn't graduate some people cuz they couldn't afford to keep paying tuition but they still have to pay back that loan so help us get the word out so that people apply and I guess that gets to the heart of this tour and everything else we're doing folks in a lot of situations just don't know what's available to them and I need the help of the leaders who are here to get the word out so people know what is available to them well that leads me to my next question I'm not sure if you already answered it or not but I was going to > - [01:20:23](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4823) ask about student loan and um what the administration has done for obviously there's millions of Americans that once again are suffocated with student loan debt and it's really crippled their lives so you know I'll tell you um we went Boulder with this our plan and for student loan debt relief and then the court um cut some of the stuff that we were doing but we have not stopped and so we are through whatever and all of the powers that we have through the executive orders and things of that nature been forgiving again up to$ 150 billion dollars of student loan debt what I have seen in my travels around what this means for the people who have applied and figured it out it's extraordinary I mean I've met people who > - [01:21:13](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4873) have been forgiven you know three-digit thousands of dollars of debt I I've met teachers who've been teaching for 20s something years carrying that debt and not giving up the profession of teaching is we don't pay him enough as it is and you know and so thinking about that and let's think about you know there were those who resisted the policy from the beginning and said well why do they need they should pay off their loans why do they need it forgiven well let's let's go back to the example of public servants nurses firefighters teachers we yes we don't pay them enough and do we people who have a calling to for example teach other people's children who pay for school supplies out > - [01:22:01](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4921) of their own back pocket and the benefit they give to all of us as a society should we not think about that and think about the fact that we want them to stay in that Noble profession I think about the number of young people who have a calling to do that kind of work similar kind of work who have to go to some other kind of job because they need to pay off their loans when we want that people would be able to follow their passion especially when it benefits all of us in uplift Society so the reasons behind the policy include just that and again let's just let people know that they don't have to have graduated in order to to get their debt forgiven especially if that might mean that if they want to go back to > - [01:22:51](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=4971) school they can go back and and know that they can afford to go back well this is coming from a teacher I say educator now turn entrepreneur I couldn't agree with you more pay our teachers um f first I just want to thank you for this this has been an amazing opportunity but we do have entrepreneurs here in the building where are entrepreneurs there there they go Big Dave cheese steaks I see Isaac Hayes in the back shout out to ISA he can't sing as good as his dad though no no we wouldn't want him to either um what piece of advice would you like to leave this audience like I said this is Atlanta is such a hub of innovation for many businesses but what would you like to leave this audience with in terms of > - [01:23:35](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=5015) advice for entrepreneurship that you are worthy of and entitled to receive an investment in your dream and your ambition and to seek out the resource ources that exist and we're trying to make it easier for you to find those resources but seek them out and and know you know it's interesting there's some there's some studies that show that black entrepreneurs are often less likely than others to actually apply for a loan for fear they will be rejected I mean it's pretty significant data that supports that point so so part of my advice is go for it apply for it and um and and all and and get the word out right we don't we don't lack > - [01:24:34](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=5074) for really incredible vision and and and and entrepreneurial creative thought and so it's just a matter of like let's not let Society or history impede or silence those ambitions and then I would urge everyone to know for example Community lenders and to seek them out I was just earlier at rice and what's happening there in terms of helping young entrepreneurs get ready and then have access I met this young brother he's now he's now going he's got a water company and is now going to be selling at Walmart right and so there are institutions and places that are available able to you groups that are available mentors here I would say to the entrepreneurs who here make sure you > - [01:25:29](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=5129) you talk to the person sitting next to you CU they may just be that person who is willing to Mentor you or willing to give you some advice about how they achieve their success but don't give up cuz we need you our country needs you and that's how we're going to be strong and and and I would I want to just put a fine point on it be proud of your ambition be proud of your ambition have ambition dream with ambition do not ever be burdened by other people's limited ability to see what is possible don't let that burden you you know my mother always used to say to me don't you ever let anybody tell you who you are you tell them who > - [01:26:22](https://www.youtube.com/watch?v=J6ir9lh-fEg&t=5182) you are right I have another say I eat no for breakfast I don't hear no until maybe the 10th time don't hear no don't hear no Madam vice president thank you for your time thank you thank you [Music] > %%Footer Starts Here%% --- ![[Brain Icon 1.png|center]] <b><font color="#ffffff"> <center>You might not have noticed it… but your brain did.</center> </font></b> --- ### Tags ### Linked Pages & Footnotes