Kamala Harris promises to make $20 BILLION in forgivable loans available only for black entrepreneurs

Harris campaign co-chair Cedric Richmond said in a statement, "This agenda is a further realization of Vice President Harris' Opportunity Economy. An economy where people don't just get by, but get ahead. Where black men are equipped with the tools to thrive: to buy a home, provide for our families, start a business and build wealth," CNBC reported.

The plan would give out 1 million loans of up to $20,000 that are fully forgivable to black entrepreneurs and others to start businesses. The loans would be financed through partnerships with "mission-driven lenders," community banks, and the Small Business Administration.

The announcement comes in the final stretch of the 2024 presidential cycle, with the aim of Harris increasing her support among black male voters.

The plan also includes mentorship programs and training to help black men get jobs in high-demand industries, as well as additional investments in the Public Service Loan Forgiveness (PSFL) program to help recruit and retain black male teachers. The PSFL forgives student loan debts after 10 years for borrowers who work in certain nonprofit or government jobs.

Harris has also vowed to support federal-level marijuana legalization. Harris "An economy where people don't just get by but get ahead. Where black men are equipped with the tools to thrive: to buy a home, provide for our families, start a business and build wealth," a campaign statement said.

"She will also fight to ensure that as the national cannabis industry takes shape, black men — who have, for years, been over policed for marijuana use — are able to access wealth and jobs in this new market," the campaign said.

According to CNN’s 2020 election exit polling, overall 87 percent of black voters cast their ballot for Biden, while 12 percent voted for Trump. A New York Times/Sienna College poll released on Saturday found that 78 percent of black voters planned to vote for Harris, with 15 percent saying they’d vote for Trump. 20 percent of black male voters said they would cast their ballot for Trump, compared to 70 percent who said they would vote for Harris. Among black women, 83 percent said they would vote for Harris and 12 percent said they would vote for Trump.