Vice President Kamala Harris visited Durham on Friday to announce the Biden-Harris administration’s plan to invest $92 million in early stage startups in North Carolina. The visit was part of the administration’s Investing in America tour. 

Harris said the Biden-Harris administration has been intentional about the work it is doing to invest in communities.

Harris said $32 million in federal funds will go towards 10 North Carolina venture capital firms under the Treasury Department’s State Small Business Credit Initiative. This includes RevTech Labs, a majority female and Latina-owned entrepreneurship center; LaVert Ventures, a woman-owned AgTech fund; and Nex Cubed, which houses a historically Black colleges and universities founders fund for HBCU alumni to launch entrepreneurial endeavors.

This investment will propel an additional $60 million in private investment in North Carolina, totaling $92 million in funds being dedicated to growing small businesses. 

Gov. Roy Cooper welcomed Harris to the state for the 10th time during her term as vice president. 

The event took place on Durham’s historic Black Wall Street. Cooper opened the remarks with a statement on the importance of investing in minority-led businesses. 

“There are a lot of smart people with great ideas and a work ethic who, with some capital investment, can start a successful business,” Cooper said. “Yet in the private sector, Black-led companies receive only 1% of venture funding, and only 2% of venture funding goes to women.”

Cooper said the Biden-Harris administration has done important work in expanding opportunities for everyone, especially underserved and underutilized businesses, citing the creation of 2.6 million jobs for Black workers. 

Harris underscored Cooper’s emphasis on providing communities with adequate resources and access to opportunity.

“That is the map in terms of what we are talking about,” Harris said. “It is about meeting the capacity of communities with the resources that are necessary to strengthen our economy, and we all benefit from that.”

Harris said this announcement is consistent with her and Biden’s campaign promises. 

“Many of you may know, the president and I, from the beginning of our administration, made a pledge — which we are on track to meet — to increase by 50% federal contracts going to minority-owned businesses,” Harris said. 

Harris said more federal contracts going towards minority-owned businesses is the right thing to do, but also makes financial and economical sense. 

“Because the bottom line — and yes, the bottom line, I speak in economic terms — is that this produces an extraordinary return on investment,” Harris said. “And that is as much as any other reason why we are doing this work together with our partners.”