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POLITICAL & GOVERNMENT NEWS
Harris Announces Record Lending From Small Business Administration
With the economy the top issue for many voters in the home stretch of the election, Vice President Kamala Harris announced record lending from the federal government to small-business owners in a statement to ABC News. The Small Business Administration (SBA) provided a record $56 billion in loans to small businesses from October 2023 through September 2024, according to a White House fact sheet shared exclusively with ABC News, with more than 100,000 small businesses receiving the loans – the highest number in 16 years – while lending to Black-owned businesses has tripled in the past four years.
Read more: ABC News
BUSINESS SMARTS
The Port Strike Ended — Now What? Here's How Small Businesses Can Prepare for Future Disruptions.
In October, ports across the U.S. shut down as the International Longshoremen's Association (ILA) went on strike for the first time since 1977. The port strike shut down 14 major ports and threatened to disrupt more than half of the U.S.'s global trade. The ILA represents about 45,000 dockworkers, and the union went on strike to demand higher wages and a ban on automation. Fortunately, the shutdown only lasted for three days, and the ILA and the U.S. Maritime Alliance extended their contract until January 15, 2025. However, if they can't reach an agreement in the new year, the dockworkers could go on strike again. It's a good idea for small businesses to start diversifying their supply chain and getting ahead of overseas orders now, just in case we find ourselves in a repeat situation.
Read more: Entrepreneur
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