By: Rhett Buttle
“When we invest in the dreams, the ambitions of small business owners and entrepreneurs, it creates opportunity and prosperity for us all,” said Vice President Kamala Harris at the recent Capital Readiness Program announcement held at a local D.C. minority-owned retail village, Sycamore & Oak, that houses other local small businesses. Over Vice President Harris’ time in office, she has developed a strong relationship with small business owners nationwide. As part of the Biden-Harris’ economic strategy, the Vice President has consistently invested in the entrepreneurial spirit of America.
Deanne Millison, Vice President Harris’ Chief Economic Advisor, has been with the Vice President since her time in the Senate. She’s worked with Federal agencies and the private sector in expanding access to capital for entrepreneurs, especially those in underserved communities. A former financial services lawyer with extensive experience, she’s also led efforts on broadband access and federal student loan forgiveness. Now, she is winding down her time with the Vice President as she transitions to the private sector.
I recently had the opportunity to speak with her about her time with the Vice President, the Vice President’s small business priorities, and the recently announced Capital Readiness Program. Below is our conversation, edited for clarity.
Rhett Buttle: Small business has been a major focus of the Vice President. Given your work, this feels personal to both of you. Are you able to share more as to why?
Deanne Millison: First, thank you for having me. I appreciate this opportunity to talk about the Vice President’s work with the small business community. The work that the Vice President does on this issue is personal.
You’ll often hear her talk about Miss Shelton, the owner of a small daycare center where the Vice President grew up staying while her mom was still working. What the Vice President learned from Miss Shelton is that small business owners are so much more than business owners. They are community leaders that drive our economy forward as well as employ half of the private sector. It’s the small business owners who pay for the local baseball league t-shirts or stand behind the community in the face of hate.
The Vice President sees small business owners as having an outsized importance and leadership role not only in our economy, but as a part of the strength of our nation. It’s because of this that the Vice President prioritizes providing small business owners with the support that they need while also understanding that they have such unique concerns. It’s not easy to start a small business and the Vice President recognizes that.
Rhett Buttle: Earlier this month, the Administration hosted small business owners and joined Undersecretary Don Cravins to announce the Capital Readiness Program. Can you share more about this announcement and the Administration’s approach to supporting small business and entrepreneurship?
Deanne Millison: The Capital Readiness Program announcement demonstrates the innovative thinking that this Administration is doing not only in the small business space, but in investing in America, American workers, and American families. The Undersecretary’s announcement comes from the understanding that large banks and venture capitalists often invest the majority of their money in well connected places. However, all ideas and ambitions are not limited to the well connected places. Great ideas and ambitious people are all over our nation.
The Biden-Harris Administration understands that a little public investment can start a lot of private investment and that we can’t wait for the private sector to be the first mover. Instead, the Biden-Harris Administration has made the choice to invest in the American people through programs such as these.
The Capital Readiness Grants program invests $125 million in incubators and accelerators to support organizations that have a demonstrated track record in helping small businesses get their business off the ground or provide businesses with the capital they need to be successful. It’s administered by the Minority Business Development Agency—the only federal agency explicitly tasked with promoting the growth and competitiveness of minority-owned businesses, which we made permanent under our Administration.
The brilliance behind this program is the understanding that businesses need more than just a sum of money to succeed. Businesses need guidance, people with expertise, mentors, and an infrastructure of support. By investing resources into accelerators and incubators nationwide, you are strengthening a network of support for small businesses that are not only going to give access to capital, but also the training and mentorship support that small businesses need.
Rhett Buttle: In her travels, the Vice President often visits small businesses. Can you share as to why?
Deanne Millison: The Vice President visits small business owners because she believes in meeting business owners where they are. She wants to ensure that business owners have a seat at the same table where the big players have long been seated. The Vice President will say that there’s no better way to learn about the concerns, needs, and challenges for a small business than directly from the business owner themselves. So, she’s made a point when she’s traveling to stop in and connect with the small business owner to talk about how the business is, what the Administration can do to help, what things aren’t working, and their concerns. It’s a part of her leadership style.
She’s traveled all over the country and she’ll tell you that there is nothing like meeting people where they are and understanding what they need. Oftentimes, we go to these small businesses and show up as a surprise. There’s nothing better than getting to surprise the small business owner.
At the end of the day, the Vice President sees that small business owners are united by their desire to serve. The business owners really just want to meet the needs of whoever is in front of them, including when it’s the Vice President. It’s also inspiring to hear the stories of the entrepreneurs that have endured tough times, like the pandemic, but continue to stick with it. Not to mention, it’s through meeting the small business owners where we receive some of the best feedback and ideas.
Rhett Buttle: The Vice President speaks about protecting personal freedom, democratic institutions, and voting rights for all. What role can employers, both large and small, play in this effort?
Deanne Millison: The Vice President often talks about the context of the moment and seeing the moment that we’re in. The moment that we are seeing now is one where extremists are trying to take rights away from the American people, whether it’s the rights and freedom of women, the right to a life in a country safe from gun violence, the right to vote, or the right to speak up. There’s also been a rise in hate crimes.
To combat these attacks, we must build coalitions and come together as a community. Small business owners are a critical part of these coalitions because, as you know, our economy is only as strong as our democracy. For small businesses to thrive we need a strong economy. Employers, both large and small, can speak truth into their communities, commit to protect and advance the freedoms and rights of their employees, and be a part of a larger coalition.
Rhett Buttle: The Administration’s Invest in America’s agenda is focused on rebuilding the economy from the “bottom up and middle out”. What advice would you give someone who is considering pursuing the American Dream of starting a small business at this moment?
Deanne Millison: The Vice President believes the opportunities are endless with all that the Administration is doing to Invest in America. The Administration invested one trillion dollars in addressing climate change and transitioning to a new, clean energy economy. We’re also fixing our infrastructure and supply chain. With each investment comes tremendous job creation at semiconductor plants, neighborhood restaurants, or American manufacturers. These investments aren’t just for the large companies, but for small businesses as well.
The best advice I could give to a small business owner would be to reach out to the U.S. Small Business Administration (SBA) and visit SBA.gov and then toggle to find “Local Assistance”. It’s through the SBA that you can connect with someone who will have an excellent understanding of the various programs out there and how your business can benefit from them.
Rhett Buttle: Anything you want to add?
Deanne Millison: I have the opportunity to travel with the Vice President often and what we hear the most from small business owners is the need for capital and technical support to help them write a business plan or pitch an idea for funding, for example. This Administration has prioritized this and it’s evident through the Administration investing $125 million dollars in small business incubators and accelerators through the Capital Readiness Program.
Lastly, I’ll say this. Small business owners, we hear you. You are our priority, we’re fighting for you, and we thank you for all that you do for our nation.
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