In a push to attract more Black voters, President Donald Trump will launch what he calls a “platinum plan” that would work to secure more lending for Black business owners, NPR reports.
The president is expected to debut the lending initiative during a campaign event in Atlanta on Friday.
White House adviser Ja’Ron Smith told NPR the goal of the program is to have the federal government invest in institutions that lend to Black businesses.
The campaign predicts that a federal investment of about $50 billion could turn into $500 billion in additional capital. Any amount of funding would have to be negotiated with Congress.
Smith noted that the campaign also envisions grants for microlending and organizations that can help Black entrepreneurs grow their businesses.
"Today is historic because for the first time you have a Republican president and a Republican agenda that's focused on the economic empowerment of the Black community," Smith told NPR.
Under the plan, the president proposes making Juneteenth, which is a holiday celebrating the emancipation of slaves, a federal holiday. He also proposes enshrining the national database of police misconduct that he established following the police involved death of George Floyd. Both plans would require action by lawmakers in Congress.
Trump won over just 8% of the Black vote in 2016. In order to increase support, NPR reports his campaign has opened field offices in predominately Black communities in swing states.
Recent polling indicates a majority of Black voters plan to back former Vice President Joe Biden over the president.
Biden shared his economic plan for Black Americans earlier this week during an event in Charlotte, North Carolina. If elected, he promised to invest more money in historically Black colleges and universities and leverage $150 billion in new capital for Black-owned businesses.
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