President Joe Biden has flaunted his investments in Black- and Latino-owned small businesses as new data reveals that he is losing the Latino vote ahead of the 2024 presidential election.

According to CNBC, Biden delivered remarks at an event in Milwaukee on Wednesday, highlighting how his investments have helped Black- and Latino-owned businesses succeed.

He reportedly emphasized the key aspects of his Investing in America aimed at supporting small businesses at the Wisconsin Black Chamber of Commerce in Milwaukee. 

(Photo : Drew Angerer/Getty Images)
WASHINGTON, DC - DECEMBER 20: U.S. President Joe Biden returns to the White House December 20, 2023 in Washington, DC. President Biden traveled to Milwaukee and gave remarks at the Wisconsin Black Chamber of Commerce earlier in the day.

Joe Biden Touts How 'Bidenomics' Investments Helped Small Businesses

Joe Biden particularly touted the success of "Bidenomics" in helping minority-owned small businesses succeed and drew a comparison to the policies of former President Donald Trump.

The president criticized his predecessor, saying that under the Trump administration, women and minority-owned small businesses were at the back of the line for emergency relief. 

"My predecessor, on his watch, women and minority-owned small businesses found themselves last in line to access emergency relief... On my watch, energy and emergency relief went to minority-owned businesses first, not last," Biden noted.

The Department of the Treasury estimates that investments under the Biden administration in community lenders will lead to a $50 billion boost in lending to Latino communities and an $80 billion increase for Black communities. 

A White House official has acknowledged the growth in Black small business ownership, saying it is faster than in 30 years. He also highlighted the decade-high creation rate of Latino small businesses.

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Joe Biden Losing Ground With Latino Voters

Joe Biden's initiative to underscore his dedication to minority-owned small businesses coincides with a period where polls suggest a waning support from Latino voters that played a pivotal role in his 2020 election victory.

According to a recent CNBC survey, Donald Trump enjoys a five-point lead over Biden among Latino voters. However, Biden maintained a significant lead among Black voters, with 75% expressing their support for him in a hypothetical matchup against Trump. 

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