Elizabeth Warren has announced a new fund to help close the startup capital gap for entrepreneurs of color. The fund would provide grants to entrepreneurs from Black, Latinx, Native American and other minority communities.

A report written in December 2016, and cited in a Medium post by Warren stated, "Black entrepreneurs use substantially less startup capital than white entrepreneurs — the average level of startup capital among black entrepreneurs is $35,205 compared with $106,720 for white entrepreneurs."

In her Medium post, Warren laid out why the investment, about $7 billion coming from her proposal of an ultra-millionaires tax, would be a justifiable idea and what it would do for minority communities.

"We could fully close the startup capital gap for every single one of these new minority-owned businesses for the next ten years," Warren wrote. "That means supporting 100,000 new minority-owned businesses, which together would be expected to provide 1.1 million jobs."

Warren's announcement comes as she prepares for an appearance at the Black Economic Alliance forum in South Carolina. Tuesday, the Alliance released results from a poll that showed 75 percent of Black voters would be more likely to support a candidate who had a clear economic agenda for their community.

“The Black Economic Alliance is committed to reversing the trends that have led to economic disparities for Black Americans and to ensuring that elected officials—and those running for the highest office in the nation—are responsive to the needs of Black communities when it comes to jobs, pay, and economic opportunity,” said Dr. Tony Coles, Co-Chair of the Black Economic Alliance, in a statement.

Warren's new fund would be run by the Department of Economic Development, a department she has proposed to implement if elected in order to defend good-paying American jobs and create new ones. The department proposal was also announced via a post on Medium.