Vice President Kamala Harris unveiled the Biden administration’s latest plans to increase economic equity through a new loan program aimed at assisting minority-owned businesses on Tuesday.

Speaking at the Freedman’s Bank Forum on Tuesday, Harris touted the progress of the U.S. economy since President Joe Biden took office, but said that the administration is seeking the assistance of the private sector in promoting a more equitable and inclusive growth.

Harris announced that the U.S. Treasury would be making an $8.7 billion injection of funds into the Emergency Capital Investment Program (ECIP) that was established under the $1.9 trillion stimulus bill passed earlier this year.

"We must be intentional," Harris said at the forum. "When we unlock the economic power of every community in America, there is nothing we cannot achieve in America.."

According to a statement by the Treasury Department, the ECIP program allows the agency to make direct investments in banks and other financial institutions that will service these businesses in their communities. Treasury Secretary Janet Yellen described this investment as important for promoting equitable growth after the damage left behind by the COVID-19 pandemic.

“We know that the communities hurt most by COVID-19 have often been communities of color, and the Treasury has implemented relief legislation with equity in mind,” said Yellen. “Today, we’re seeing one result of that effort: the Treasury, through the Emergency Capital Investment Program, is injecting nearly $9 billion into community development financial institutions and minority depository institutions.”

According to the Treasury Department, the states with the highest number of institutions that will be offered ECIP investments are Mississippi, Louisiana, North Carolina, California and Texas, but apply to 36 states in total.

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