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We’re Back at Moxies—And You’re Invited! Let’s be honest—between the Zoom fatigue, never-ending email threads, and the same office walls day after day, it’s time for a change of scenery. That’s why we’re inviting you to join us on Monday, April 8th at 6:30 PM  at one of Fort Lauderdale’s top hotspots: Moxies . Our Funder Intel networking mixers aren’t about name tags and stiff small talk—they’re about real people, real conversations, and real opportunities in the business lending and fintech space. And if there’s one thing we’ve learned, it’s this: we only get a few great chances each year to step out of the inbox and into the room with the people who are shaping the industry. Don’t miss this one. Here’s what you can look forward to: 🍸 Cocktails with Character  – Moxies isn’t just another restaurant—it’s got energy, style, and drinks that kickstart conversations. 🍽 Family-Style Food  – No awkward menus. Just great dishes meant to be shared while you’re making new connections. 🤝 Quality Networking  – Whether you’re a lender, broker, fintech founder, or ISO rep, this is where you meet the people who matter. Our last few mixers sold out, and we expect this one to fill up quickly too—especially with such a limited number of chances each year to gather in-person with people in the business lending and fintech space. So if you’ve been meaning to reconnect, grow your circle, or simply get inspired, this is the night to do it. Event Details: 📍 Moxies, Fort Lauderdale 📆 Monday, April 8th 🕡 6:30 PM to 8:30 PM 👔 Dress Code:  Business Casual 🅿️ Parking & hotel info available on the event page Let’s face it—you deserve more than just another evening at your desk. Come network, laugh, connect, and maybe even find a new partner or two. 🎟️ Spots are limited— grab your ticket now  and let’s make April 8th one for the books. See you at Moxies!

The legal collapse of Par Funding has finally reached its most decisive moment. In March 2025, federal courts sentenced brothers Joseph and James LaForte  to prison for their roles in a sweeping fraud that left thousands of investors misled, hundreds of millions lost, and an industry trying to recover from the damage to its reputation. Joseph LaForte , the CEO of Par Funding (officially Complete Business Solutions Group), was sentenced to 15½ years in prison  yesterday, March 26th, for racketeering conspiracy, securities fraud, and multiple tax offenses. His brother James LaForte , described by prosecutors as the company’s violent enforcer, received 11½ years  for obstruction, threats, and extortionate collection practices earlier this month. A $404 Million Scheme Disguised as Small Business Finance Par Funding raised money from investors by touting high returns through merchant cash advances, also known as revenue-based financing, claiming their funding model was low-risk and insured. Investors were never told that Joseph LaForte had prior felony convictions for financial crimes or that he was secretly leading the company under aliases to avoid regulatory scrutiny. According to a January 2025 court ruling , Par Funding caused an actual fraud loss of approximately $404 million , which was later reduced to $288,395,088  after accounting for seized assets and collateral. The DOJ revealed that Par’s revenues were used not only to enrich its insiders — through luxury assets, real estate, and even a private jet — but also to fund the company’s extreme tactics in collecting from borrowers, including threats and physical violence. More Than Just Bad Business James LaForte, in particular, developed a reputation for crossing the line between aggressive collections and outright criminality. His conduct included threatening witnesses, assaulting a court-appointed attorney, and instilling fear in both borrowers and insiders alike. While Par Funding’s fraud stood on its own as one of the most egregious in recent history, further allegations added even more gravity to the case. In a separate federal indictment out of Brooklyn, James LaForte was formally identified as a made member of the Gambino crime family. The indictment alleges he funneled over $1.5 million in proceeds from Par Funding to Gambino-controlled entities — a development that casts the company's operations in an even darker light. Funder Intel previously reported on these links in an investigative piece by Shane Mahabir, who noted that industry rumors about “mob ties” went back at least back to 2018. At the time, those whispers were easy to dismiss. Today, they’re part of the public record. Industry Outlook While the sentencing of the LaForte brothers brings a measure of closure for victims (still awaiting if they will see their investments returned and how much), it also leaves lingering questions for the broader business funding sector. How did a company of this size and reputation — appearing at industry conferences, partnering with sales offices, and raising over half a billion dollars from investors — manage to operate unchecked for so long? Could this happen again now that there is more awareness and new commercial financing laws in several states? The merchant cash advance/revenue-based financing/sales-based financing industry has always occupied a regulatory gray zone. But the Par Funding case makes clear that gray can quickly turn to black. Another example of a similar case was that of MJ Capital which ended in a 20-year prison sentence for its leader J ohanna Michely Garcia for wire fraud committed in 2021. The industry has normalized opaque practices, hidden leadership, or exaggerated investment returns but that shouldn't be tolerated, especially when they cover up criminal behavior. Transparency, third-party oversight, and informed due diligence are not optional any longer. They are the minimum.

In 2018 I worked for a business loan broker company after being on the direct funding side for several years. One day we had a conversation in the office about a funder that we sent a deal to for review of the merchant's application for funding. In that conversation, the owner of our company said something to the effect of 'These guys were gangsters'. I replied with basically a chuckle and yeah they were aggressive in several ways. Then he said 'no, I really do mean they are actually gangsters.' I still wasn't a hundred percent sure he somehow knew this and was telling the truth, after all, isn't being in the mafia supposed to be a secret? That company was Par Funding! And 5 years later I know he was telling the truth as court documents have now shown. James LaForte Per the Philadelphia Inquirer, in a grand jury indictment released recently, federal prosecutors in Brooklyn have linked James LaForte , a former collector for Philadelphia's Par Funding, to the notorious Gambino crime family . LaForte was “‘made’ — or formally inducted — into the Gambino crime family” in a ceremony on Oct. 17, 2019. LaForte is accused of 'kicking up' over $1.5 million in profits from Par Funding to companies controlled by Gambino captain Joseph Lanni , purportedly to obscure the money's origin. The indictment ties this to broader criminal activities involving racketeering, extortion, and violence. James LaForte, alongside others in the Gambino family, faces charges ranging from racketeering conspiracy to physical assault. These allegations place the activities of Par Funding, which was seized by a court-appointed receiver in 2020, under a harsher light. The company, officially known as Complete Business Solutions (CBFS), is accused of defrauding investors of over $500 million. The severity of these allegations is underscored by LaForte's alleged actions, including assault, extortion of borrowers, and involvement in fraudulent financial schemes. These revelations paint a troubling picture of criminal activities intertwined with commercial finance, raising critical questions about oversight and the enforcement of legal and ethical standards in the industry. Read the Full Story in our Forum For our members , this FULL story is available in our Forum under the Exclusive Content category. The full article from the Philadelphia Inquirer( behind a paywall ) delves deeper into the intricate details of this case.

Governor Glenn Youngkin has shut the door on Virginia Senate Bill 1252, vetoing legislation that could have reshaped how consumer lending and fintech services are regulated in the state. The decision drew swift praise from the American Fintech Council (AFC) , which had vocally opposed the bill, citing concerns over innovation, access to credit, and regulatory clarity. Below is the full statement from AFC CEO Phil Goldfeder , published shortly after the veto: “Governor Youngkin’s decision to veto SB 1252 protects access to safe, responsible credit for hundreds of thousands of Virginians. The bill, while well-intentioned, would have created unnecessary barriers for consumers seeking flexible financial tools and introduced legal uncertainty for responsible providers. AFC has been deeply engaged on this issue from the start—meeting with lawmakers, submitting formal comments, and mobilizing a coalition of responsible providers to raise concerns about the bill’s impact. This veto reflects a thoughtful and pragmatic approach to regulation—one that puts consumers first without stifling responsible innovation. AFC thanks Governor Youngkin for standing up for financial inclusion and recognizing the importance of maintaining a diverse and competitive credit marketplace in Virginia. We remain committed to working with lawmakers in Virginia and across the country to ensure policy solutions reflect the realities of today’s financial landscape.” What Was in SB 1252—and Why It Sparked Controversy Prior to the veto, legal analysts and financial observers weighed in on the bill’s potential impact. A February 27 article from the Consumer Financial Services Law Monitor  outlined several areas where SB 1252 raised red flags among fintechs, banks, and legal experts. Here’s what the bill proposed—and why it stirred debate: Expanded Definition of Loans SB 1252 sought to broaden the definition of a "loan" under Virginia law to include both recourse and non-recourse loans, along with any transaction involving interest, fees, or charges. Industry critics warned that this could pull a wide range of products—some not traditionally considered loans—under regulatory scrutiny. Earned Wage Access in the Crosshairs The bill would have classified earned wage access  (EWA) services as loans, subjecting them to the same regulations as more traditional consumer credit products. Supporters argued this was needed for consistency, while critics claimed it would effectively regulate helpful tools out of existence for workers living paycheck to paycheck. Ambiguous Anti-Evasion Clauses The bill also introduced sweeping language designed to prevent lenders from structuring deals in ways that circumvent Virginia's usury laws. While the intent was to block predatory behavior, critics worried the language could create legal uncertainty and discourage legitimate partnerships between banks and fintechs. Impact on Bank-Fintech Partnerships One of the bigger concerns came from how the bill might affect Bank Partnership Model (BPM)  arrangements. These are commonly used by fintechs to deliver credit products nationwide. The bill’s vague language could have prompted legal challenges or led banks to exit these partnerships altogether. Looking Ahead: A Tipping Point for State-Fintech Relations? Governor Youngkin’s veto may not be the end of the conversation around fintech regulation in Virginia—but it does signal that broad, ambiguous rulemaking will face strong resistance  when it risks limiting access to credit or slowing innovation. The bill's supporters viewed it as a necessary consumer protection measure, but the fintech industry saw it as regulatory overreach that could have unintended economic consequences. This episode also illustrates a broader trend: states are increasingly at the front lines of financial innovation policy , filling gaps left by slower federal regulation. As fintech products continue to evolve, expect more states to revisit how they define loans, regulate partnerships, and classify emerging financial tools. For now, fintech lenders, earned wage access providers, and the banks that support them have a bit more breathing room in Virginia—but the spotlight on these issues isn’t going anywhere.

In a significant policy shift, the Small Business Administration (SBA) has officially announced the return of guarantee fees for SBA-backed loans, effective March 27, 2025. According to SBA notice 5000-865758, loans that have not received SBA authorization by 11:59 PM EST on March 26th will be subject to the newly reinstated fees, marking the end of the recent fee waiver period for loans under $1 million. The 7(a) program has relied for many decades on guarantee fees to keep itself running so it wouldn't require subsidies from the taxpayers. What you need to know about the new SBA Guarantee Fee structure: The adjusted upfront guarantee fees for FY 2025—calculated based on the total approved loan amount (both the SBA-guaranteed and unguaranteed portions)—will now be as follows: For loans with maturities greater than 12 months: Loans of $150,000 or less : 2%  of the SBA-guaranteed portion. Loans from $150,001 to $700,000 : 3%  of the SBA-guaranteed portion. Loans from $700,001 to $5,000,000 : 3.5%  on the SBA-guaranteed portion up to $1,000,000, plus an additional 3.75%  on the guaranteed portion exceeding $1,000,000. For short-term 7(a) loans (maturities of 12 months or less): A flat rate of 0.25%  of the SBA-guaranteed portion. These fees apply to all SBA loan programs, except the Export Working Capital Program (EWCP) and SBA Express loans specifically offered to veteran-owned businesses, which will retain existing fee waivers or exemptions. This update will impact how small businesses approach SBA-backed financing moving forward. Further details and analysis will be shared in our upcoming weekly newsletter.

Three key stories emerged since our newsletter on Thursday, so we wanted to share them with you. They offer important insights for fintech professionals, small business lenders, and anyone keeping a close eye on federal policy and market sentiment. From major job cuts at the Small Business Administration to concerns over market blind spots and a major regulatory reversal on ownership reporting, here’s what you need to know this Saturday. 1. SBA to Cut Nearly Half of Its Workforce Amid Organizational Overhaul Source: Politico The U.S. Small Business Administration (SBA) announced a sweeping reorganization plan that will eliminate approximately 43% of its workforce , amounting to over 2,700 positions . The restructuring is part of the Trump administration’s broader push to downsize the federal government and reduce spending. Most of the reductions will come from voluntary resignations and term appointments that won’t be renewed. Programs focused on diversity, equity, and COVID-era lending are among those being phased out. The Office of Veterans Business Development  and the Office of Manufacturing and Trade  will remain intact. In a surprising pivot, the SBA will also assume responsibility for the Federal Student Aid office , previously under the Department of Education. This significant downsizing raises questions about how the SBA will continue to fulfill its mission of supporting small businesses at a time when many still face economic headwinds. 2. Danny Moses Warns: Market Underestimating Impact of Government Job Cuts Source: Fortune Danny Moses , the investor best known from The Big Short , is ringing alarm bells once again—this time over what he sees as the market's failure to account for the economic fallout of mass federal job cuts  orchestrated by the Department of Government Efficiency (DOGE), a new Musk-led agency. Moses cautioned in a CNBC interview that investors are underestimating the ripple effects  of eliminating over 24,000 federal jobs , with 75,000 more pending resignation . He described an “ unvirtuous cycle ” in which federal job losses hurt government contractors—especially small businesses —who now face uncertainty and declining revenue. Consumer confidence  dropped sharply last month, and Moses believes more signs of strain will show up in upcoming earnings reports. Major government contractors, like Accenture , are already feeling the impact. Its federal business took a hit, leading to a 7.3% drop  in its share price. Moses’s main message: this isn’t just budget-cutting—it’s a structural shift that could drag down the broader economy and has yet to be fully priced into financial markets. 3. FinCEN Suspends Beneficial Ownership Reporting for U.S. Companies Source: Forbes In a major regulatory reversal, the Financial Crimes Enforcement Network (FinCEN)  has suspended its beneficial ownership reporting requirements  for domestic companies. The rule was originally designed to increase transparency and reduce financial crime by requiring companies to disclose their true owners. Critics argue that rolling it back could re-open pathways for money laundering, fraud, and shell company abuse . Supporters of the suspension say it reduces unnecessary compliance burdens on small businesses and streamlines reporting requirements. The move marks a significant shift in the Biden-era push for financial transparency and is expected to spark debate across legal, regulatory, and small business communities . Final Thoughts These developments paint a complex picture for businesses and investors alike. As the federal government retools its role in everything from student loans to small business support, and as regulators pull back transparency measures, the ripple effects will be felt far and wide—from Main Street to Wall Street. Meanwhile, voices like Danny Moses remind us that even in a booming market, it’s what’s not yet priced in that can cause the greatest disruptions.

/ In a significant move in the financial technology sector, SmartBiz , a prominent fintech company specializing in small business lending, has successfully acquired Centrust Bank, N.A . This acquisition, which closed on March 17, 2025, marks a pivotal moment in the fintech industry's evolution and its relationship with traditional banking. The Acquisition Details SmartBiz announced the completion of its acquisition of United Community Bancshares, Inc. and its wholly-owned subsidiary, Centrust Bank, N.A. The combined entity has been renamed SmartBiz Bank, N.A., and will operate under the bank holding company SmartBiz Bancshares, Inc. This transaction received regulatory approval from both the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago . Strategic Implications The acquisition of Centrust Bank by SmartBiz represents a strategic move with several key advantages: Enhanced Lending Capabilities : As a bank, SmartBiz can now retain and profit from the Small Business Administration (SBA) loans it sources, allowing for long-term relationship building with small businesses. Access to Cheaper Funding : By acquiring a bank, SmartBiz gains access to deposits, typically a cheaper funding source compared to capital markets. Expanded Service Offerings : SmartBiz Bank plans to offer small business administration (SBA) lending options and personalized financial guidance, with aim to evolve into a full-service financial solutions provider for small businesses. Established Market Presence : The acquisition provides SmartBiz with an established presence in the Chicago market, retaining Centrust's employees and its branch in Northbrook. Industry Perspective Evan Singer, CEO of SmartBiz Bank, emphasized its mission to serve small businesses, stating, "Small businesses are the backbone of the U.S. economy, yet traditional banks often overlook their banking needs. We are building a bank designed specifically to serve small businesses". Financial industry experts view this acquisition as part of a broader trend. According to a report by Reuters, more fintech and crypto companies are seeking bank charters for growth. This move by SmartBiz could potentially herald a wave of similar acquisitions and charter applications soon. Regulatory Environment The successful acquisition by SmartBiz is seen as an indicator of a more favorable regulatory environment for fintech companies. Under the current administration, there appears to be a shift towards policies that facilitate fintech expansion into traditional banking services. Future Outlook Industry analysts suggest that the SmartBiz acquisition could pave the way for more fintech-bank combinations. The Financial Brand reports that this deal might be "the harbinger of things to come," potentially leading to a new crop of deals that allow fintechs to access bank funding while providing exit strategies for bank owners. As the lines between fintech and traditional banking continue to blur, the financial services landscape is poised for further transformation. The success of SmartBiz's acquisition and its performance as a bank will likely be closely watched by both the fintech industry and traditional banking sector in the coming months and years. This development underscores the ongoing evolution of the financial services industry, as technology-driven companies seek to integrate more deeply with traditional banking infrastructure to better serve their customers and expand their market reach. FULL PRESS RELEASE

In May of this year, former owner of Prime Capital Ventures Kris Roglieri was arrested by the FBI for wire fraud. On Thursday he was indicted by a Federal grand jury on 5 counts of wire fraud related to the deposit of $5 million he received from a client for a promised loan of $100 million. He used the money to pay back other companies to which he owed money, to fund new projects, pay his attorneys, a Rolex watch, and for a $100k vacation. Each of the 5 counts is for the transactions made with money from the deposit amount. He is facing 20 years in prison. There could be further charges connected to other deposits that were never returned to multiple clients. My non-legal theory on why other charges weren't included is that these 5 counts are the most clear-cut since they came after many civil lawsuits and a forced bankruptcy proceeding. This narrow scope brings a higher likelihood of conviction. Kris Roglieri is still being held in county jail. The judge denied his release because he threatened to kill an FBI agent. Kris Roglieri Timeline of events

The Small Business Administration's (SBA) disaster loan program has officially exhausted its funds, leaving many Americans in a precarious situation as they attempt to rebuild their lives and businesses in the wake of recent natural disasters. This development comes at a critical time, with Congress currently in recess until November 12. Program Depletion and Its Impact The SBA's disaster loan program, a vital lifeline for those affected by calamities, has been overwhelmed by the demand stemming from recent extreme weather events, particularly Hurricanes Helene and Milton. As a result, the agency has been forced to pause new loan offers for its direct, low-interest, long-term loans to disaster survivors. Despite this setback, the SBA is encouraging individuals and small businesses to continue applying for loans. This recommendation comes with assurances from congressional leaders that additional funding will be provided upon their return in November. Congressional Response and Future Outlook Speaker Mike Johnson has stated that it would be "premature" to reconvene Congress before the scheduled November 12 return to approve emergency disaster aid. Johnson argues that the Biden-Harris Administration currently has the necessary disaster funding to address immediate needs in hurricane-affected areas. However, some Republican lawmakers have indicated they would be more open to returning if agencies reported being out of funds. Rep. Jared Moskowitz (D-Fla.) has introduced a bill that would provide the SBA with $8 billion for disaster loans, emphasizing the need for proactive funding before congressional recesses during hurricane season. FEMA's Situation While the SBA's disaster loan program has depleted its funds, the Federal Emergency Management Agency (FEMA) is still expected to have sufficient funding until after Election Day. However, FEMA Administrator Deanne Criswell has warned that the agency might need to pivot to covering only "immediate needs" earlier than anticipated, potentially pausing long-term disaster recovery efforts. White House Requests and Future Funding The Biden administration has made multiple requests for additional disaster funding over the past year. In June, the White House requested $4 billion in extra disaster funding to respond to various natural disasters and the rebuilding of the Francis Scott Key Bridge in Baltimore. This request builds on a year-old plea for Congress to provide $23.5 billion in extra disaster aid. As the nation grapples with the aftermath of recent disasters, the restoration of crucial disaster relief programs remains a top priority for both affected communities and policymakers alike.

Mike Lindell, the CEO of MyPillow and a prominent supporter of former President Donald Trump, has found himself embroiled in yet another legal battle. This time, Lindell and MyPillow are taking the offensive, suing several merchant cash advance funding companies over what they claim are illegal loan terms and RICO, according to a report by the Star Tribune. From the lawsuit The Financial Squeeze MyPillow, facing a cash crunch, recently sought $600,000 in quick financing. The company opted for a merchant cash advance, a type of financing for businesses where the future receivables of the business are purchased at a discount. There are tens of billions worth of MCAs funded each year in the US and it's only growing. The funding companies named in the suit are Lifetime Funding, broker CapSpot Financial, and FunderZ Group which is described as handling ACH withdrawals, reporting, and deal tracking, Under the agreement, MyPillow committed to repaying over $16,800 per day for a total of $840,000. My math says this is a 1.40 factor rate over approximately 50 payments. In addition, allegedly, the broker from CapSpot told Lindell that he could get a real estate loan, which he was seeking in the first place, to use for 2 properties in Minnesota but only after taking an MCA. Needless to say that real estate loan never transpired. However, Lindell and MyPillow now argue that this arrangement constitutes an illegal loan with extreme terms, including: An interest rate exceeding 360% Access to employee records Daily repayments of more than $16,000 Legal Challenge The lawsuit, filed in Carver County District Court , seeks to have the loan agreement declared "usurious, unconscionable and thus unenforceable." Lindell's legal team argues that while the agreement was framed as a purchase of MyPillow's future receivables, it was actually a "sham intended to evade the applicable usury laws". The arguments made in this lawsuit, according to the report, are similar to so many before it that have ultimately failed. It will be interesting to watch though given who Mike Lindell is, who he knows, and whether he can even afford to get through the case. Financial Pressures This legal action comes amidst ongoing financial difficulties for MyPillow. Lindell attributes these challenges to being "canceled" by major retailers in response to his claims of election fraud. The company has taken several steps to address its financial situation: Auctioning off equipment Downsizing real estate holdings Facing lowered lines of credit Broader Context This lawsuit is just one of several legal and financial challenges facing Lindell and MyPillow. The company has been involved in multiple lawsuits related to Lindell's claims about the 2020 election, including a $1.3 billion defamation suit from Dominion Voting Systems. Dominion won a similar case against Fox News for $787 million. As this case unfolds, it will highlight the intersection of business finance, politics, and legal strategy in the current economic and political landscape. The outcome could have significant implications for the broader merchant cash advance industry and certainly for Mike Lindell and MyPillow. Download the full Civil Complaint below

Today, in a Miami Federal courtroom, Johanna Michely Garcia learned her fate after years of confinement for a Ponzi scheme she pleaded guilty to totaling over $190 million . The judge sentenced her to 240 months in prison, 20 years, which was the maximum sentence and the amount the government asked for. The judge seemed very intent on sending a message to her and would be criminals thinking of doing something similar that her and Pavel Ruiz did. As her co-conspirator, Ruiz received just over 9 years. The judge heard defense counsels argument on why her sentence should be in the same ball park but he simply wasn’t buying it. Judge Jose Martinez heard 3 powerful victim impact statements in court today with dozens of others offered in court documents. The Ponzi scheme Johanna Michely Garcia, 41, once hailed as a successful, Mother Theresa-like figure in the community, understood and admitted she committed wire fraud, mail fraud, and conspiracy to commit wire fraud in an over $150 million Ponzi scheme from her offices in South Florida.  Ms Garcia and her other accomplices, one of whom already pleaded guilty, ran this investment scheme that was supposed to use money from investors to fund merchant cash advances, a form of short-term business financing. Ms. Garcia, the owner of MJ Capital and other entities, and Pavel Ramon Ruiz Hernandez hired almost 70 representatives to raise funds from over 2000 investors.  Instead, they didn't fund many advances at all, used the money to pay back only some investors, and then took money from the rest to fund their lavish lifestyle. They continued to raise money but weren’t ever going to be able to pay back all of the money with the promised returns of over 100% annually.   The whole operation came to an end in August of 2021 when a civil complaint  was filed by the Securities and Exchange Commission. In 2022, Pavel Ramon Ruiz Hernandez was charged criminally with fraud and then pled guilty in 2023. He received just over 9 years in prison. In August of 2023, a South Florida federal grand jury charged Johanna Michely Garcia with conducting a fraud scheme, totaling approximately $190,700,000. Victims turned plaintiffs in this case as they brought a class action lawsuit against Wells Fargo Bank, N.A. (“Wells Fargo”) alleging that it aided and abetted MJ Capital in the fraud. The case was settled  for $26.625 million. The settlement was reached “to avoid the uncertainties, delays, and expenses of ongoing litigation”.

It is an understatement to say the 2024 Presidential Election between Kamala Harris and Donald Trump is highly anticipated for so many reasons and how it will impact the country and the world. But how will it affect business lending and fintech? The following are some policies, promises, economic data, and facts from the Kamala Harris and Donald Trump campaigns that stakeholders in the business lending landscape should be aware of as they may directly or indirectly affect them. This will be as independent as possible, but someone will always take something as biased, and if so, please comment below to start a discussion. The most important thing is that you vote, as only 66% of eligible voters cast their vote in 2020. (In alphabetical order by last name) Kamala Harris Proposing to increase the small business start-up tax credit to 50k from 5K. A goal of 25 million new business applications over the next four years. More funding into CDFIs ( Community Development Financial Institutions) to loan to underserved SMBs. SBA loan enhancement with more lenders, reducing red tape to access capital, easier to refinance on 504 loans, and less stringent use of funds requirements. Unveiled an “Opportunity Agenda” plan for Black men, which includes a proposal of forgivable loans of up to $20,000 to Black entrepreneurs and others Crypto plans: Harris ‘will ensure owners of and investors in digital assets benefit from a regulatory framework to protect them in this market'. Her overall economic plan will increase the deficit by est. $3 trillion according to non-partisan research. Harris will continue to take on big banks for junk fees and other issues to protect the consumer. She will let tax law expire which would increase taxes for earners of 400k +. However, she will cut taxes on tips, as will Trump. This could impact SMB borrowing habits. Donald Trump Cut corporate taxes again. Trump advocates for reducing the corporate tax rate from 21% to 20%, with a further reduction to 15% for domestic manufacturers. This could potentially increase profitability for financial institutions and possibly lead to more aggressive lending practices. Higher and more tariffs: 10-20% tariffs across the board but with a higher tariff on Chinese goods. It would be a $3.9T potential impact on consumers, essentially a tax increase. This policy could significantly impact international finance and trade, potentially creating new challenges and opportunities in trade finance. His plan will increase the deficit by est 7 trillion according to non-partisan research Trump's previous administration was known for reducing financial regulations. Republican state legislatures also have been in most states when it comes to commercial finance regulation although still putting in place new laws. It's worth noting that Trump pardoned notorious Jonathan Braun who was fined by FTC for $20 million due to predatory lending practices amongst other legal issues that resulted in prison time. The pardon interrupted an ongoing investigation into MCA funders as Braun was allegedly cooperating with them before that. Donald Trump is openly supportive of cryptocurrencies and again regulation is not in the cards. Trump suggested creating a “strategic national bitcoin stockpile” with the goal of ensuring that America is the “crypto capital of the planet.” He wants more influence over the Fed which could affect rates and lending. SBA Loans Report GDP since 2015 This exercise only points out some key policy proposals or verbal promises that each candidate has campaigned on, along with some of their history, to give you context and assist you with making your decision. Whoever wins, it's up to you to adapt and do what's best for you and your business.