White House Announces $31B Fund For Black Owned Businesses

On the centennial anniversary of the Tulsa Race Massacre, the White House announced new actions it will take to address racial inequality, specifically focusing on narrowing the wealth gap. 

“Chronic disinvestment by the federal government in Black entrepreneurs and small businesses denied Black Wall Street a fair shot at rebuilding. These are the stories of Greenwood, but they have echoes in countless Black communities across the country,” a statement released by the White House reads

The legacy of racial violence in America, such as that experienced in Tulsa 100 years ago, “is still felt sharply today,” the statement continues. “The median Black American family has thirteen cents for every one dollar in wealth held by [w]hite families.”

To address the wealth gap between Black and white American households, the Biden-Harris Administration announced new actions it’s planning to take, including a $31 billion in funds for Black owned small businesses.

The administration is also proposing federal action to combat housing discrimination including tax credits for the development of affordable housing and providing protections for home appraisals, to be led by US Secretary of Housing and Urban Development Marcia Fudge.

A $10 billion Community Revitalization Fund was also a part of the roll out to “support community-led civic infrastructure projects that create innovative shared amenities, spark new local economic activity, provide services, build community wealth, and strengthen social cohesion.” 

Photo: Getty Images

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