Democrats favor more access to capital for black businesses

Associated Press


Four Democrats vying for their party’s presidential nomination honed in on the economic concerns of the black community during a forum Saturday in South Carolina, a state where nonwhite voters will play a major role in next year’s primary election.

Appearing on stage one at a time, Sens. Cory Booker of New Jersey and Elizabeth Warren of Massachusetts, Mayor Pete Buttigieg of South Bend, Ind., and former Texas Rep. Beto O’Rourke all stressed the need to increase access to capital for black business owners as part of a broader effort to address wealth inequality.

Warren expounded on what she’s called her tax on “ultra-millionaires,” which she says would fund her education proposals, including student debt cancellation for many and additional funding for historically black colleges and universities.

“It’s about building opportunity,” Warren said at the forum sponsored by the Black Economic Alliance, noting that she feels her plan would be met with support even from some Republicans. “They understand that this economy is badly broken.”

Buttigieg focused on increasing the number of federal government contracts awarded to black-owned businesses, saying this would provide a major boost.

Asked what he would do to increase his outreach to black voters – an area where Buttigieg has acknowledged he has work to do – he said he’s making an effort to get to know them.

“We have to have an authentic encounter with people,” Buttigieg said, noting that events like the forum were a piece of that agenda.

O’Rourke said he would push for more affordable housing options, giving a nod to Columbia Mayor Steve Benjamin’s efforts in the state capital.

“We’re going to complement extraordinary local leadership with federal resources and funding,” he said.

The last to address the group and the only black candidate at the forum, Booker said he wants as president to address inequalities in all sectors of America, although “poverty is disproportionately impacting communities of color.”

Noting that he lives in a low-income community himself, Booker said he’s more in tune with people struggling with issues such as skyrocketing rents.

“This isn’t just about African-American communities,” Booker said.

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