The White House announced a historic shift in its policy toward Cuba Monday night, saying that for the first time in six decades it will sign off on an American company investing in a private Cuba-based and Cuban-owned business.

The deal is pending approval by the Cuban government but could open the door for additional American dollars flowing to entrepreneurs in the island nation.

Additionally, the Biden administration said it would authorize flights to Cuba beyond Havana, reinstate the Cuban Family Reunification Parole Program, which allows Cubans to join family members in the U.S. on a temporary basis with the potential for obtaining permanent status, and lift the $1,000 per quarter limit on remittances per sender-receiver pair and allow for donative (non-family) remittances.

The administration characterizes these moves as “measures to further support the Cuban people, providing them additional tools to pursue a life free from Cuban government oppression and to seek greater economic opportunities.”