The Biden-Harris Administration says it’s putting more focus on homeownership and financial literacy. Vice President Kamala Harris was in Milwaukee Thursday and announced the release of nearly $40 million nationwide to expand housing and financial counseling for underserved communities.
Harris says $300,000 of that amount will come to Wisconsin, with Milwaukee getting some of the new counselors.
“Over a dozen, that will, for free, give people financial literacy information. How to apply for loans, community banks — how to give information to a small business. This is how you run a payroll. This is how you do your business taxes," Harris announced during an event at Discovery World.
The Wisconsin Policy Forum and others have reported that the Black homeownership rate in Milwaukee is about 25%, less than half the rate of whites. Eve Hall runs the Greater Milwaukee Urban League, which has been working to boost the Black rate, especially in the Metcalfe Park neighborhood near 35th St. and North Ave. She says even with rising home prices, homeownership is a basis for stability.
“When we know we have a place we own, we’re not dependent on a landlord, as we continue to invest in our home, that becomes our own savings account. That becomes a place for equity we can pull from, so we don’t have to worry about whether someone is going to provide some additional support that we need to put our kids through school to start a business," Hall said.
Another attendee, Sherrie Williams, has been running her business, Simplistic BSC, for six years, which sells hair care products. She’s also operated a hair care salon for 22 years. Williams says she appreciates the financial literacy help for small businesses because it’s a competitive world out there.
For example, take her contract to supply shampoo and conditioner to Froedtert Hospital. “There’s million-dollar companies trying to take the same bid I’m taking. So, I’m grateful they took my bid, but it’s extremely hard, keeping employees and just keeping up with everyday life," Williams said.
The Wisconsin Republican Party took a dimmer view of the Harris visit, focusing on inflation, businesses having trouble hiring employees, and a state business group’s survey from January contending business leaders are less confident in the state’s economy.
