Harris will also propose a new fund to support the country’s smallest banks in covering interest costs on loans for new businesses. This initiative is part of her broader effort to enhance access to capital for startups, particularly those in underserved communities. Community Development Financial Institutions (CDFIs), which provide crucial funding to underserved areas, will be a key focus of this new proposal.
Deputy Treasury Secretary Wally Adeyemo emphasized the importance of CDFIs in providing loans to new businesses that may lack a financial history. He noted that rising interest rates have made borrowing more expensive, especially for smaller companies.
In addition to these measures, Harris’s economic plan includes community-based lending initiatives and continued support for affordable housing, grocery price reductions, and expanded child tax credits. These policies build on previous efforts from the Biden administration, aiming to address a range of economic challenges faced by Americans.
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