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What a Harris Presidency Could Mean for Small-Business Owners

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Democratic National Convention, Day 1, Chicago, USA – 19 Aug 2024 © Earl Gibson III / Shutterstock / Earl Gibson III / Shutterstock
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Vice President and Democratic presidential nominee Kamala Harris recently unveiled her economic plan. While there are few specific details regarding small-business owners, her past stance on the issue might provide a glimpse into what she intends to do to help them if she wins.

Read Next: How Much Is Vice President Kamala Harris Worth?

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On August 14, Harris said in a statement that small businesses are “the backbone of our communities.”

“They strengthen the middle class by creating jobs, advancing opportunity, and establishing pathways for Americans to build intergenerational wealth,” she said in the statement posted on the White House website.

In turn, she also announced that day that a record 19 million new small business applications had been filed under the Biden-Harris administration.

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She Will Continue to Support Minority-Owned Small Businesses

Under the current administration, the Small Business Administration (SBA) “has backed $35 billion in loans to over 68,000 minority-owned small businesses, an increase of more than 13% compared to the entirety of the prior administration,” according to a White House Fact sheet.

In turn, Rohit Arora, CEO of Biz2Credit, said that Harris has focused on expanding access to capital to people who have traditionally been excluded from economic prosperity — something she might continue doing if she wins.

“The agency has tripled SBA lending to Black-owned businesses and doubled small-dollar lending and lending to Latino and women-owned small businesses,” said Arora. “There is no reason to believe that policy would veer away from this path in a Harris-Walz administration if they win in November.”

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Continue Funding for Underbanked Small Businesses

During her time in the Senate and as part of the current administration, Vice President Harris led efforts to invest billions in community development financial institutions (CDFIs), which are mission-driven lenders that specialize in delivering capital to underbanked small businesses, explained Carolina Martinez, CEO of CAMEO Network, California’s statewide micro-business network.

“Those of us in the small business advocacy community expect she will continue this commitment, and we are excited to see how these investments support and sustain the current small business boom,” she added.

While Well-Intentioned, Her Policies Might Hurt Small Businesses

Dave Hebert, economist at the American Institute for Economic Research, argued that while Harris’ previous policy proposals “sound lovely,” unfortunately they would be difficult for small businesses to absorb.

For example, she has advocated for increasing the mandated amount of paid family and medical leave from six weeks to six months.

“While this sounds great, both for mothers and fathers who typically must return to work shortly after the birth of a child, it would be an economic nightmare,” he said. “Someone has to pay for the paid leave and increasing the cost of labor for a small business that is already struggling to stay in the black would force many to close.”

In that same vein, Harris has supported raising the federal minimum wage to $15 an hour.

And according to Arora, this policy would disproportionately hurt businesses that are struggling to pay higher wages during inflationary times.

Finally, Arora added that Harris supports stronger environmental and labor regulations, which hinder small businesses and increase their cost structures.

Widening the “Huge Disconnect”

Meanwhile, other experts are less enthusiastic about what a Harris win could mean for small businesses. For instance, Joe Camberato, CEO of National Business Capital, said that he’s not optimistic about the future for small businesses if Harris wins.

“Right now, small businesses aren’t in growth mode because the economy itself isn’t growing,” he said, adding that small business owners are hesitant to make decisions because they’re worried about what’s coming next.

According to him, there’s “a huge disconnect” between what’s happening on Wall Street and what’s really going on Main Street.

“Small businesses are just getting by, and it wouldn’t take much — a small setback could be enough — to push them out of business,” he said. “We’ve already seen bankruptcy filings double in the last two years, but that’s not getting the attention it deserves.”

Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out Millennial Entrepreneurs: 4 Financial Policies We Want Under a Trump Administration.

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Former President Olusegun Obasanjo has called for the imprisonment of corrupt politicians, stating that “thieves cannot provide just governance.”

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The 87-year-old statesman made this demand while speaking virtually at the memorial lecture for Denis Joseph Slattery, a late cleric, in Lagos.

In his speech, titled The Imperative for Moral Rectitude in Governance, Obasanjo emphasized that the key requirement for anyone involved in governance is “accountability.” He argued that officials with “questionable” integrity are incapable of making decisions that benefit the greater good.

“If you look clinically at the people in government today at both executive and legislative levels, some of them should be permanently behind bars for their past misdemeanour and criminal misconduct,” said Obasanjo, who served as Nigeria’s head of state from 1976 to 1979 and later as president from 1999 to 2007. “You cannot expect thieves to give good judgement in favour of the owner of the property.”

Obasanjo also reflected on his shocking experiences with corruption, recalling how dishonesty was normalized in politics. “The first thing that shocked me when I went into politics was the level of corruption of election officials which was taken as normal,” he said. “The second was the level of general and criminal misbehaviour which was taken with levity and impunity. We were at a meeting and a man lied and I confronted him, and the next thing he said is ‘It is all politics, Sir’.”

Obasanjo lamented how politics has been used to justify unethical behaviour, adding, “Every bad thing they do is passed on as politics which means politics has no room for morality, principles, rectitude, ethics, good character and attributes.”

He concluded by urging Nigeria to seek “transformational leaders rather than transactional leaders, truth instead of lies, honesty instead of dishonesty, integrity instead of disintegrity, hope instead of despair, production instead of deduction, inclusion instead of exclusion and marginalisation.”

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Breaking News: Owerri Court Disqualifies 27 APC Chairmanship, 305 Councillorship Candidates Over Conduct of Primary Election …Bars APC From Participating in Saturday’s LGA Poll

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Breaking News:

Owerri Court Disqualifies 27 APC Chairmanship, 305 Councillorship Candidates Over Conduct of Primary Election
…Bars APC From Participating in Saturday’s LGA Poll

By Ekeh Chiemena, Owerri

A Magistrate Court sitting in Owerri, the Imo State capital has disqualified the 27 Chairmanship and 305 Councillorship candidates of the All Progressives Congress (APC) for the September 21 Imo State Local Government Elections over the party’s failure to comply with the Guidelines of the Imo State Independent Electoral Commission (ISIEC) in the conduct of its primary election.

The Court also barred the party, APC and its candidates from participating in Saturday’s Local Government election in Imo state.

In a ruling in the case with No. CR/OMC/635/2024 and instituted by aggrieved APC members, Her Worship, Ifunanya Ekwerike maintained that the All Progressive Congress ought not to be in the Local Government election because it failed to conduct Chairmanship and Councillorship primaries in line with ISIEC guidelines.

Earlier, some aggrieved APC Aspirants under, Forum of APC Chairmanship and Councillorship Aspirants in Imo State had approached Chief Magistrate Court of Imo State, in the Owerri Magisterial District over non compliance to electoral provisions.

The court delivered this judgement following a report of discrepancies in the conduct of APC Chairmanship and Councillorship primaries in Imo state for the purposes of the September 21st proposed local government election across the 305 Wards in the state.

It could be recalled that the Forum, through its state spokesperson, Barr Lucky Ikwubuo (Onye Eze) vowed that its members would do everything possible to ensure that APC does not participate in the Saturdays LGA Election following its refusal to conduct a transparent, free, fair and credible primary election after the party allegedly extorted them of money valued over 3 million each.

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UAE President to begin official state visit to US on Sept 23

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UAE President Sheikh Mohamed bin-Zayed Al Nahyan to begin official state visit to US on Monday - photo courtesy_WAM © Provided by Gulf Business
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UAE President Sheikh Mohamed bin Zayed Al Nahyan will embark on his first official visit to the US as President on Monday, September 23, aiming to strengthen UAE-US ties.

During his meeting with President Joe Biden, the two leaders will focus on enhancing cooperation in key sectors such as the economy, investment, technology, renewable energy and climate action.

The UAE-US relationship, which spans more than five decades, is marked by robust economic ties, with bilateral trade reaching $31.4bn in 2023.

The US exported $24.8bn of goods and services to the UAE, marking a 19 per cent increase from 2022, resulting in an $18.3bn trade surplus – the fourth largest for the US globally.

The UAE’s trade with all 50 US states supports 166,000 American jobs, underscoring the economic significance of the relationship.

UAE-US collaboration across different sectors

Renewable energy will be a focal point, with the UAE’s Masdar company leading major investments in US states like Texas and California.

Read: Masdar acquires stake in US clean energy producer Terra-Gen

Technological collaboration is also critical, with partnerships between the UAE’s G42 and Microsoft Azure driving advancements in AI and cloud computing.

The visit will further address ongoing joint efforts in space exploration, with UAE entities working closely with NASA and US-based space companies.

The UAE’s investments in the US, valued at over $1tn, span sectors like real estate and renewable energy, contributing significantly to the US economy and job creation.

Ties are expected to deepen as Sheikh Mohamed and President Biden explore ways to enhance their countries’ shared vision for a sustainable and prosperous future.

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