By Jesus Garcia
Jun 26, 2024, 06:00 AM EDT
While cooking a lomo saltado, Vice President Kamala Harris talks with chef and restaurateur Franco Noriega about the importance of access to capital that small businesses require.
“What can we do in this country to encourage entrepreneurs and help them achieve the American Dream?” asks Noriega.
The dialogue occurs in the Peruvian-style restaurant Baby Brasa, located in the West Village, in Manhattan.
“I love our small business owners,” the vice president says.
He gives an example of Noriega himself and his contribution to the community, in addition to explaining that part of his efforts include securing capital for small businesses.
“That’s why I’ve focused on access to capital, getting financial resources for small business owners to start or grow a business,” Haarris says.
The vice president recognizes that many small business owners do not come from families with financial resources that they can access or “borrow.”
“So what I’ve been doing is working to make those loans more available and also making sure that small business owners get the support they need on how to manage payroll, how to deal with people and employees, right?” she says.
He added that entrepreneurs do not lack ideas, but rather “help with structure.”
Restaurateur Noriega recognizes the importance of capital, which is required at the beginning and during the expansion of a business.
“Capital, of course, comes first when you want to start a business.” […] you need it to grow. And eventually it is also needed when during expansion, which is where I am now. So I appreciate it and thank you very much for that,” he responded to Harris.
During the Biden-Harris Administration, Latino small businesses have increased by 40%, which has led to one in 10 Hispanic or Latino households currently owning their own business, according to the Small Business Administration (SBA).
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