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OP-ED: Reform Alternative Business Lending Practices to Protect Small-Business Owners

NNPA NEWSWIRE — Lenders have been requiring their small business borrowers, as a condition of receiving any short-term loans from them, to sign confessions of judgement that waive borrowers’ legal rights in any dispute with the lenders. Small business borrowers in other states have no right of notice if their assets are seized in New York under confessions of judgement and may not even realize if a New York judgement has been entered against them until their banks have seized their assets.

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Rep. Edolphus Towns is a board member of World Business Lenders. He represented the 10th and 11th congressional districts in New York from 1983-2013.

By Rep. Edolphus Towns

In my three decades representing parts of New York City in the House of Representatives, expanding economic opportunities for underserved communities was a top priority. That’s why, after I retired from public service, I joined the Board of World Business Lenders, an alternative business lender that provides desperately needed financing for businesses who want to grow or expand, leading to so many ancillary benefits to their local communities.

Unfortunately, not all alternative business lenders are created equal. In an industry that is not regulated, many of them are engaged in predatory practices, preying on the very customers they are committed to serving. Unlike World Business Lenders, which has voluntarily self-regulated by implementing a “best practices” lending program committed to offering fair and transparent loan terms to its borrowers, other alternative business lenders engage in opaque and occasionally destructive behavior that can lead to bankruptcy or worse for their own customers.

A critical tool for these predatory lenders has been the use of our state’s court system to seize the assets of small businesses whether located in New York or in any other state by employing legal instruments called “confessions of judgement.” These lenders have been requiring their small business borrowers, as a condition of receiving any short-term loans from them, to sign confessions of judgement that waive borrowers’ legal rights in any dispute with the lenders. Small business borrowers in other states have no right of notice if their assets are seized in New York under confessions of judgement and may not even realize if a New York judgement has been entered against them until their banks have seized their assets.

Alternative business lenders should make every loan transparent for their borrowers by clearly disclosing repayment terms, including interest rates, prepayment charges and by outlining clear payment schedules. Borrowers must be made aware of all fees and costs associated with their loans. Brokers and employees of alternative business lenders should be subject to background checks and continuing education requirements. Importantly, alternative business lenders should be required to offer each borrower terms not worse than the most favorable loan product for which he or she qualifies.

Alternative business lenders have nothing to fear from additional regulation. World Business Lenders is a successful company that profits even as we voluntarily abide by these terms, which protect customers. Unfortunately, in the political environment in Washington, it is unlikely that Congress will act to prevent predatory lenders from driving small business owners into bankruptcy. In the absence of leadership in Washington, it is time for Albany to act.

Rep. Edolphus Towns is a board member of World Business Lenders. He represented the 10th and 11th congressional districts in New York from 1983-2013.

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EXCLUSIVE OP-ED: President Joe Biden Commemorating Juneteenth

BLACKPRESSUSA NEWSWIRE — “I’ve always believed that we need to be honest about our history, especially in the face of ongoing efforts to erase it. Darkness can hide much, but it erases nothing. Only with truth can come healing, justice, and repair.”

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By Joseph R. Biden, Jr.
46th President of the United States: 2021—2025

The people of Galveston, Texas, have been commemorating Juneteenth since the Civil War ended. Yesterday, in honor of the 160th anniversary, I went there to join them.

You can read about the events of Juneteenth, but there’s nothing quite like going to Galveston and seeing where it all happened.

After General Robert E. Lee surrendered at Appomattox Court House on April 9, 1865, Union troops marched across the South for two months, freeing enslaved people along the way. Their final stop was Galveston, an island off the Gulf coast of Texas. There, on June 19, 1865, Union troops went to Reedy Chapel, a church founded in 1848 by enslaved people, and posted a document titled simply “General Order #3.”

“The people of Texas are informed,” it said, “that, in accordance with a Proclamation from the Executive of the United States, all slaves are free.”

We can only imagine the joy that spread through Galveston – and across the state and nation – on that day and those that followed.

Yesterday, there was once again joy in Galveston, with a parade, picnic, and fireworks. There was also great solemnity, because Juneteenth is a sacred day – a day of weight and power.

The Book of Psalms tells us: “Weeping may endure for a night, but joy cometh in the morning.” Juneteenth marks both the long, hard night of slavery and subjugation, and the promise of that joyful morning to come.

As President, I had the great honor of signing the law declaring Juneteenth a federal holiday. It was our nation’s first new federal holiday since Martin Luther King, Jr. Day was created in 1983.

Our federal holidays say a lot about who we are as a nation. We have holidays celebrating our independence… the laborers who build this nation… the servicemembers who served and died in its defense.

And now, we also have a national holiday dedicated to the emancipation of enslaved Black Americans.

Signing that law was one of my proudest acts as President.

Yet for 156 years, Juneteenth was not written about in textbooks or taught in classrooms. Still today, there are those who say it does not deserve a holiday. They don’t want to remember the moral stain of slavery and the terrible harm it did to our country.

I’ve always believed that we need to be honest about our history, especially in the face of ongoing efforts to erase it. Darkness can hide much, but it erases nothing. Only with truth can come healing, justice, and repair.

I also believe that it’s not enough to commemorate the past. We must also embrace the obligation we have to the future. As Scripture says, “Faith without works is dead.” And right now, we Americans need to keep the faith and do the work.

In honor of Juneteenth, let’s help people register to vote.

For decades, we fought to expand voting rights in America. Now we’re living in an era when relentless obstacles are being thrown in the way of people trying to vote. We can’t let those tactics defeat us. In America, the power belongs with the people. And the way we show that power is by voting.

So let’s reach out to family, friends and neighbors – especially those who have never voted before. Remind them that with voting, anything is possible. And without it, nothing is possible.

Yesterday in Galveston, we gathered in Reedy Chapel to commemorate Juneteenth, just like people have done for 160 years and counting. We prayed, sang, and read General Order #3 again. The pews were full of families. How many people must have prayed for freedom inside those walls. How many must have sent fervent thanks to God when slavery finally ended.

I remembered the words of my late friend John Lewis. He said, “Freedom is not a state. It is an act.”

Juneteenth did not mark the end of America’s work to deliver on the promise of equality. It only marked the beginning. To honor the true meaning of Juneteenth, we must continue to work toward that promise. For our freedom. For our democracy. And for America itself.

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Cities Across the U.S. Shrink or Cancel Juneteenth Events as DEI Support Wanes

BLACKPRESSUSA NEWSWIRE — Across the country, Juneteenth celebrations are being scaled back or eliminated as public funding dries up and corporations withdraw sponsorship.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

Across the country, Juneteenth celebrations are being scaled back or eliminated as public funding dries up and corporations withdraw sponsorship. In many communities, the once-growing recognition of the holiday is facing sharp resistance tied to the unraveling of diversity, equity, and inclusion efforts.

In Denver, Colorado, the annual Juneteenth Music Festival, one of the largest in the nation—was cut from two days to one. Organizers said more than a dozen corporate sponsors walked away from commitments, leaving them with a financial gap that almost canceled the event. Norman Harris, the festival’s executive director, said several companies “pulled back their investments or let us know they couldn’t or wouldn’t be in a position to support this year.” Harris credited grassroots donors and small businesses for stepping in when larger backers stepped aside.

In Colorado Springs, the local celebration was relocated to the Citadel Mall parking lot after support from previous sponsors disappeared. Organizers noted that where there were once dozens of corporate partners, only five remained. The downsized event was pieced together with limited resources, but community leaders said they refused to let the holiday go unacknowledged.

Scottsdale, Arizona, canceled its Juneteenth observance after the city council voted to dissolve its diversity, equity, and inclusion office in February. Without the office in place, the city offered no support for planning or funding, leaving residents without an official celebration.

In San Diego, the Cooper Family Foundation lost a $25,000 grant from the National Endowment for the Arts that had been earmarked for Juneteenth programming. Organizers said the decision forced them to personally finance key elements of the event, including cultural exhibits, performances, and youth engagement activities.

Bend, Oregon, called off its Juneteenth event entirely. Organizers cited political tensions and safety concerns, saying they could not secure the partnerships needed to proceed. A public statement from the planning committee described the current climate as “increasingly volatile,” making it difficult to host a safe and inclusive event.

West Virginia, which has recognized Juneteenth as a paid state holiday since 2017, will not sponsor any official events this year. State leaders pointed to budget constraints and recent decisions to eliminate DEI programming across agencies as the reasons for stepping away from public observance.

Austin, Texas, has also reduced its Juneteenth programming. While the city has not canceled events outright, organizers said diminished city support and fewer private contributions forced them to focus only on core activities.

“Thankfully, there was a wide range of support that came when we made the announcement that the celebration is in jeopardy,” said Harris. “But it shows how fragile that support has become.”

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Juneteenth and President Trump

BLACKPRESSUSA NEWSWIRE — Juneteenth is a day for African Americans in this nation to connect to their ancestry. It honors the end of slavery in the United States and is considered the longest-running African American holiday. The primary focus is freedom and the emancipation of enslaved people in the United States.

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By April Ryan
BlackPressUSA.com Newswire Washington Bureau Chief and White House Correspondent

President Trump is set to proclaim the federal observance of Juneteenth as the White House is open for business on this holiday. The White House says the president will sign a “historic proclamation designating Juneteenth as a National Day of Observance, marking the 160th anniversary of General Order Number 3 in Galveston, Texas.” The declaration was that “all slaves are free.” This Trump proclamation, according to the White House, “will celebrate the Emancipation Proclamation, the Republican Party’s role in passing the 13th Amendment, and reaffirm the administration’s dedication to equal justice and prosperity for all.”

This proclamation comes as President Trump has denounced Diversity, Equity, Inclusion, and anything Woke. Juneteenth is a celebration of freedom from the tyranny of 250 years of slavery after the Civil War.

The Juneteenth celebration started when Union troops reached Galveston, Texas, and told the slaves that they were free on June 19, 1865, two years after the Emancipation Proclamation was created.

The Emancipation Proclamation, which is on display in the Lincoln Bedroom of the White House, was issued by President Abraham Lincoln on January 1, 1863. It established that all enslaved people in Confederate states in rebellion against the Union “shall be then, thenceforward, and forever free.”

Juneteenth is a day for African Americans in this nation to connect to their ancestry. It honors the end of slavery in the United States and is considered the longest-running African American holiday. The primary focus is freedom and the emancipation of enslaved people in the United States.

The Juneteenth federal holiday was signed into law by then-President Joe Biden on June 19, 2021. This Trump White House is in full swing today, with a press briefing by Karoline Leavitt, not taking the federal holiday off. Also, President Trump will receive an intelligence briefing in the morning and participate in a swearing-in ceremony for the U.S. Ambassador to Ireland.

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