(CNN) Sen. Elizabeth Warren introduced a plan on Friday to boost minority entrepreneurs with a new program that will offer federal grants to aid the launch of new businesses. "A lot of successful minority entrepreneurs have been able to overcome these (structural) hurdles to create thriving businesses," Warren writes in a Medium post explaining the proposal. "But this disparity in startup capital is the single biggest reason that promising Black-owned businesses on average are less profitable and bring on fewer employees than white-owned businesses." The $7 billion program, called the Small Business Equity Fund, would operate under the umbrella of her proposed Department of Economic Development. Grants awarded by the SBEF would need to clear certain federal standards, Warren says, but would work "through states and municipalities" in order to keep the key decision-making close to the communities.

Source: CNN June 14, 2019 13:30 UTC