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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

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.

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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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Ekiti lawmaker, Bamisile denies complicity in death of lady at Sutera Hotel

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A member of the House of Representatives, Hon Femi Bamisile, has denied the social media report linking him and the management of Sutera Hotel, Ado Ekiti, to a case of complicity in the regrettable death of a lady at the facility on Tuesday.

The former Speaker stated unequivocally that medical experts have started an autopsy on the said lady and only this could accurately reveal the source of her demise, urging the public not to pander to concocted stories and conjectures on social media.

On this said day, a lady and staff of Sutera Hotel was said to have slumped and died in a mysterious fashion, which made some rumour peddlers insinuate that the management was complicit.

In a rebuttal released by his Media Office in Abuja, on Thursday, Bamisile said linking him or the management to such a painful and excruciating demise of the lady struggling to make a headway in life was not only callous but wicked.

“The Media Office of the Rt. Hon. Olufemi Richard Bamisile, Member of the House of Representatives representing Ekiti State Federal Constituency 2, is compelled to address the unfounded and malicious allegations circulating regarding the unfortunate incident at Sutera Hotel and the character of my principal.

“These claims, propagated by an anonymous source, are not only misleading but also a deliberate attempt to tarnish the reputation of a dedicated public servant and a reputable business establishment.

“We categorically reject these accusations and urge the public to disregard them as baseless and irresponsible.

“The tragic passing of a staff member at Sutera Hotel on Tuesday morning is a deeply regrettable incident that has left the management, staff, and Rt. Hon. Bamisile heartbroken. Our thoughts and prayers are with the family of the deceased, and we are fully committed to supporting the ongoing investigation by the Ekiti State Police Command to determine the cause of this unfortunate event.

“The hotel management promptly notified the authorities, and we are cooperating fully with the police, who have confirmed that an autopsy will be conducted to ascertain the cause of death. We trust that this process will be thorough, transparent, and devoid of speculation.

“The claim that this is the ‘third case of death’ at Sutera Hotel is entirely false and unsupported by any verifiable evidence. Sutera Hotel has maintained a strong record of safety and compliance with industry standards, and no such pattern of incidents exists.

“The suggestion that the hotel’s safety standards are inadequate is a gross misrepresentation. Sutera Hotel adheres strictly to all regulatory requirements, including regular safety audits, staff training, and the provision of emergency response equipment.

“The facility is equipped with first aid kits, trained personnel, and clear emergency protocols, all of which were activated in an attempt to save the life of the deceased.

“Despite these efforts, the hospital pronounced her deceased, a tragedy we deeply mourned.

“The anonymous writer’s insinuation that the deceased was under the influence of drugs is a reckless and unverified claim that disrespects the memory of the young lady and causes undue pain to her family. Until the autopsy results are released, such allegations are nothing more than malicious speculation.

“We urge the public to refrain from spreading unconfirmed rumors and to respect the dignity of the deceased and her loved ones during this difficult time.

“Most egregious are the baseless accusations leveled against Rt. Hon. Olufemi Richard Bamisile, alleging involvement in drug peddling. These claims are not only false but also a calculated attempt to defame a man who has dedicated his life to serving the people of Ekiti State. Rt. Hon. Bamisile is a respected legislator with an unblemished record of integrity and commitment to public service. His contributions to the development of Ekiti State, including job creation through businesses like Sutera Hotel, are well-documented and widely acknowledged.

“To suggest that he is involved in illicit activities is an affront to his character and a desperate ploy by detractors to undermine his political standing.

“We also reject the notion that Rt. Hon. Bamisile’s political influence is being used to shield the hotel from accountability.

“Sutera Hotel operates under the full scrutiny of relevant regulatory bodies, including the Ekiti State Ministry of Tourism, and has consistently met all operational standards. The hotel welcomes any inspection by the appropriate authorities to reaffirm its compliance with safety and regulatory guidelines.

“Rt. Hon. Bamisile has always advocated for transparency and accountability, both in his legislative duties and in his business endeavors.

“We call on the people of Ekiti State and the general public to disregard these unfounded allegations, which appear to be the work of faceless individuals with ulterior motives. The anonymity of the accuser speaks volumes about the lack of credibility behind these claims. Rt. Hon. Bamisile and the management of Sutera Hotel remain committed to truth, justice, and the welfare of all stakeholders. We will not be distracted by smear campaigns designed to sow discord and division.

“In this moment of grief, we reiterate our commitment to supporting the family of the deceased and ensuring that the investigation into her passing is conducted with the utmost diligence. We also assure the public that Sutera Hotel will continue to uphold the highest standards of safety and professionalism. Rt. Hon. Olufemi Richard Bamisile remains steadfast in his service to Ekiti State, undeterred by these baseless attacks.

“We urge the media and the public to await the official findings of the police investigation and to refrain from spreading unverified information.

“Together, let us honor the memory of the departed by seeking truth and justice, not sensationalism,” he said.

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FCT Minister suspends FCDA Executive Secretary, Shehu Hadi Ahmad

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad.

Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister, in a statement on Thursday, said the suspension of Engr. Shehu Hadi Ahmad is with immediate effect.

According to the statement, he has been directed to hand over to the Director of Engineering Services, FCDA, even as no reason was given for his suspension.

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Ex-Anambra Governor Obiano, Wife Transferred U.S. Properties To Texas Firm After 2022 Arrest For Alleged ₦4Billion Embezzlement –Report

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Nigeria’s Economic and Financial Crimes Commission has indicted Obiano for allegedly misusing security funds, though he has denied all charges. The case remains ongoing, with accusations of embezzlement and money laundering still under investigation.

Former Anambra State Governor Willie Obiano and his wife, Ebelechukwu, began transferring ownership of several U.S. properties in 2022, just months after his arrest on allegations of misappropriating public funds, according to a report by OCCRP.

Nigeria’s Economic and Financial Crimes Commission has indicted Obiano for allegedly misusing security funds, though he has denied all charges. The case remains ongoing, with accusations of embezzlement and money laundering still under investigation.

Obiano, who governed Anambra from 2014 to 2022, was arrested at Lagos airport while preparing to board a flight to Houston. Shortly after, he and his wife transferred ownership of six apartments in Texas, as revealed by property records examined by OCCRP, the Platform to Protect Whistleblowers in Africa (PPLAAF), and the Houston Chronicle.

Despite these transfers, records indicate the couple still retains ownership of four other U.S. properties. There is no evidence suggesting that the funds used to purchase these assets were misappropriated.

Of the six transferred apartments—valued at approximately $1.8 million—four were acquired before Obiano assumed office while working as a banker. The remaining two were purchased during his tenure as governor.

The first two transfers occurred in 2022, the year of Obiano’s arrest, with one Houston apartment sold by him and another by his wife.

When contacted by OCCRP, Ebelechukwu characterized the transactions as “private business” and declined to comment further on the properties or the case against her husband.

In 2024, the year Willie Obiano was charged with embezzlement and laundering 4 billion naira (approximately $4.4 million at the time) in state funds, he and his wife transferred ownership of four properties to a Texas-based company, Wilveg Investments Series LLC, according to property records.

Corporate amendment documents reveal that in November 2023, Ebelechukwu Obiano became the registered agent for Wilveg Investments Series LLC. Records indicate that the company was established in 2010, with its management comprising Obiano, his wife, his daughter, and one other individual.

Reporters attempted to reach Obiano through phone numbers linked to his lawyer and a spokesperson but received no response to inquiries.

The former governor faces a nine-count indictment filed by Nigeria’s Economic and Financial Crimes Commission (EFCC), accusing him of misappropriating funds from the Anambra State Government Security Vote Account. Obiano has denied the allegations, and the case remains ongoing.

According to a joint 2018 report by Transparency International and the Civil Society Legislative Advocacy Center, funds in the Security Vote Account “are provided to certain federal, state and local government officials to disburse at their discretion.”

According to the report, while the funds “are reserved for covering unforeseen security needs,” the Security Vote Account “fuels corruption in Nigeria.”

The report highlights that security vote expenditures are exempt from legislative oversight and independent audits due to their classified nature, making them susceptible to mismanagement and embezzlement.

Obiano has denied the allegations against him, but his trial has been delayed due to the suspension of the presiding judge by Nigeria’s National Judicial Council over unrelated misconduct.

Property records indicate that Obiano and his wife, Ebelechukwu, still jointly own an apartment in Texas, acquired in 2011.

Additionally, Ebelechukwu owns two more apartments in the state, purchased in 2011 and 2024. In 2014, she bought another property, which she transferred to her daughter the following year.

 

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