- This Election Doesn’t Pass the Smell Test
By Michael Walsh
Commentary
Let’s start with this inconvenient and overriding truth about the 2020 election: there is no such thing as a Joe Biden fan. ...
- Trump on Election Battles: Legislators, Judges Need ‘Courage’ to Do What’s Right
By Zachary Stieber
President Donald Trump on Tuesday wondered if lawmakers or judges have the courage to help him challenge election results in key battleground states.
“Let’s see whether ...
- States Back Texas in Supreme Court Suit, Alleging ‘Unconstitutional’ Election in Battleground States
By Janita Kan
Several states have expressed their support for Texas’s bid to challenge the election results in four battleground states, which was filed on Tuesday ...
- Troubling Foreign Ties Behind Voting Machines Used in US
By Bowen Xiao
Behind a significant portion of voting machines used in the United States lies a complex web of questionable foreign ties, a hidden ...
- Inauguration Committee Fails to Pass Resolution Acknowledging Biden as President-Elect
By Jack Phillips
The Joint Congressional Committee on Inaugural Ceremonies voted down a resolution to acknowledge Joe Biden as the president-elect as President Donald Trump and ...
- Campaign Lawyer: Legislatures in Swing States Will Switch Electors to Trump
By Zachary Stieber
President Donald Trump’s campaign is confident that at least one state legislature will take back the power to select electors and change to supporting ...
- Sidney Powell on Georgia Lawsuit: ‘Expect to Get Relief from Supreme Court’
By Jack Phillips
Lawyer Sidney Powell, who filed several lawsuits challenging the election results, said on Monday that she hopes her lawsuit in Georgia will be heard by ...
- Michigan House Chairman Tells Dominion CEO to Appear or Be Subpoenaed
By Zachary Stieber
A Michigan lawmaker leading the investigation into the 2020 election threatened Dominion Voting Systems CEO with a subpoena if he doesn’t appear before his ...
- Richard Grenell on Election Fraud, Nevada Voting Machines, and Trump’s ‘America First’ Diplomatic Success
By Jan Jekielek
In this episode, we sit down with Richard Grenell, the former Acting Director of National Intelligence and former U.S. Ambassador to Germany from ...
- Georgia Election Workers Sealed Ballots Before Observers, Media Left on Election Night: Investigator
By Zachary Stieber
Workers in Georgia’s largest county on election night sealed ballots in boxes and shoved the boxes under a table that was brought into an absentee ballot counting ...
- Sidney Powell Files Notice of Appeal in Georgia Election Lawsuit
By Ivan Pentchoukov
The legal team led by Sidney Powell informed a federal court in Georgia late on Monday that it is appealing the dismissal of its ...
- Trump Campaign Asks Michigan Supreme Court to Declare That Election Process Violated State Constitution
By Janita Kan
The Trump campaign on Monday asked the Michigan Supreme Court to review a legal challenge seeking “meaningful access” for poll challengers to ...
![Small businesses in the United States encountered growing challenges accessing credit in June, according to Equifax’s latest small-business lending index. Lending volumes fell by 3.3 percent month over month, although they remained up by more than 2 percent from the same period in 2024, according to the report released on Aug. 18. The index’s three-month moving average jumped to 1 percent, fueled by robust lending activity volumes in April that have since eroded. Story continues below advertisement Regionally, 23 states experienced year-over-year declines in 12-month rolling lending volumes, with California (minus 10 percent), Nevada (minus 9 percent), and Georgia (minus 6 percent) leading the decline. Across industries, nominal (noninflation-adjusted) lending decreased in six of the 17 sectors tracked. Accommodation and food services experienced the sharpest decline, while construction, finance and insurance, and retail lending remained stable. Credit conditions showed signs of stabilization in the wake of President Donald Trump’s tariff agenda, the report reads. Related Stories Treasury Department Releases New Guidance Restricting Wind, Solar Tax Credits The Epoch Times Buy Now, Pay Later Is Just Credit, Not a Crisis The Epoch Times The small-business delinquency index (31 to 90 days past due) edged up by nearly 2 percent, or three basis points, from May. The index was little changed from June 2024. Additionally, the default index fell by more than 3 percent, down by seven basis points month over month. Despite national improvements, 34 states reported year-over-year increases in default rates. Maine stood out with a 35 percent spike, the highest in the country. Delinquency rates rose or held steady in five industries, with wholesale trade posting the largest monthly increase of 2 percent. In the coming months, a boost to small-business lending is expected to unfold in the third and fourth quarters. Wall Street overwhelmingly anticipates that the Federal Reserve will lower interest rates beginning in September. The Fed’s periodic Summary of Economic Projections—a survey of policymakers’ expectations for the economy and interest rates in the future—points to two rate cuts this year. The federal funds rate—a key policy rate that influences business, consumer, and government borrowing costs—has been unchanged in a target range of 4.25 percent to 4.5 percent since January. Story continues below advertisement However, although a rate cut is considered a boon for the credit industry, the report states that easing monetary policy could “exacerbate inflationary pressures.” Last week, the annual inflation rate for July came in at 2.7 percent for the second straight month, lower than the market’s estimate of 2.8 percent. However, key pipeline inflation indicators—the producer price index and import prices—topped economists’ expectations, signaling that the current administration’s trade agenda could be igniting renewed price pressures. The U.S. central bank will host its annual Jackson Hole Economic Symposium from Aug. 21 to Aug. 23, with Fed Chairman Jerome Powell delivering the keynote address on Aug. 22. Lenders Signal Optimism Despite the slowdown in small-business lending, a recent industry survey suggests that lenders remain optimistic, citing improved business conditions. The Federal Reserve in Washington on July 21, 2025. (Madalina Kilroy/The Epoch Times) The Federal Reserve in Washington on July 21, 2025. Madalina Kilroy/The Epoch Times According to the American Financial Services Association’s latest consumer credit conditions index for the second quarter, shared with The Epoch Times, the business environment was positive on balance. In the April–June period, the net increasing index—a measure spotlighting the difference between the percentage of lenders who said loan performance conditions got better and those who said they got worse—reached the highest level in the survey’s six-quarter history. In addition, 26 percent more respondents reported that funding costs improved in the second quarter than those who said they worsened. Meanwhile, 18 percent reported an improvement in the performance of their outstanding loans, compared with those who said it worsened. Despite broad-based improvements, more auto lenders reported that business conditions weakened in the second quarter than those who reported improvements. Auto lenders also anticipate weaker overall conditions over the next six months. Caution Ahead Demand for loans from commercial and industrial companies has weakened, according to the New York Fed’s Senior Loan Officer Opinion Survey on bank lending. Banks, according to the report, also found weaker demand for credit and other loans from consumers. Despite slowing credit demand, the findings indicated that credit supply through banking lending standards had not tightened significantly. Bipan Rai, managing director at BMO, said that ultimately, the latest figures reveal both the good and the bad. “Empirically, we know that a deterioration in the credit cycle is consistent with a general slowing of the real economy,” Rai said in an Aug. 11 note. “A silver lining in the [Senior Loan Officer Opinion Survey] release is that credit supply ... has not tightened materially. Typically, a slowing in the credit cycle would be more concerning if falling demand came as a result of tighter lending standards.” Although the trade situation has stabilized since the April peak of uncertainty, businesses and consumers are seeking greater policy clarity, a recent survey highlighted. The American Bankers Association’s latest credit conditions index—a quarterly outlook for credit markets—declined for the second consecutive quarter. The headline reading came in at 32.1—anything lower indicates expected deterioration—and the index fell to 35.7 for businesses and 28.6 for consumers. Trade negotiations and passage of the One Big Beautiful Bill Act have offered some reassurance, but tariff-related uncertainty is still a headwind for credit conditions and the broader economy, according to Sayee Srinivasan, the association’s chief economist. “'Hard data’ suggest the economy remains on solid footing, but consumer and business sentiment indicate that policy uncertainty remains elevated and is causing some firms and households to adopt a cautious approach to hiring, spending and investment,” Srinivasan said in the report. The White House recently imposed higher reciprocal tariffs, ranging from 10 percent to 50 percent, on almost 70 U.S. trading partners. The president is expected to announce tariffs on imports of chips, semiconductors, and pharmaceuticals soon. Story continues below advertisement Still, small-business optimism has improved and is above the National Federation of Independent Business’s long-term average. Bill Dunkelberg, the group’s chief economist, said that uncertainty persists but business owners are “reporting more positive expectations on business conditions and expansion opportunities.”](https://www.usnn.news/wp-content/uploads/2025/08/Small-Business-Lending-Faces-Mixed-Signals-Amid-Economic-Shifts-jpg.webp "Small-Business Lending Faces Mixed Signals Amid Economic Shifts | USNN World News")
