On Tuesday, June 25, the Office of the Vice President and the U.S. Department of the Treasury co-hosted a stakeholder meeting for the Initiative for Inclusive Entrepreneurship (IIE). This 18-month national pilot program was announced by Vice President Harris at Treasury’s 2022 Freedman’s Bank Forum to expand access to capital for small businesses that have lacked opportunity and need additional investment to grow and hire. IIE integrates philanthropic and private capital to enhance the impact of Treasury’s nearly $10 billion State Small Business Credit Initiative (SSBCI), authorized under the American Rescue Plan.
During the meeting, senior White House officials highlighted the Administration’s multifaceted efforts to expand capital access for underserved entrepreneurs. Stakeholders also provided an update on IIE’s pilot program, which concludes on June 30, 2024.
Throughout its duration, IIE has deployed over $10 million to support capacity building and create opportunities for more inclusive program design and delivery. It has generated more than $177 million in loans, loan matches, grants, and private capital for underserved small businesses and emerging fund managers. Additionally, it has reached nearly 3,200 small businesses. IIE has also launched targeted investment vehicles to raise the private match capital required to leverage SSBCI funds, including the Indigenous Futures Fund aimed at raising $100 million to help Native entrepreneurs launch and grow their small businesses.
Participants from the White House and Treasury Department included Carolina Ferrerosa Young, Ph.D., Chief Economic Advisor at the Office of the Vice President; Jon Donenberg, Deputy Director of the National Economic Council; Sophie Sahaf, Director of Economic Mobility at the Domestic Policy Council; and Janis Bowdler, Counselor for Racial Equity at the Treasury Department.
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