Abrams Sponsored Legislation Related to Her Business Interests

Abrams Sponsored Legislation Related to Her Business Interests

May 6, 2022

Breitbart News reports that Democrat voter fraud defender Stacey Abrams sponsored legislation in 2015, as a Georgia lawmaker, that was related to bad debt from credit programs, which was relevant to her financial services company.

Abrams, then the Georgia House minority leader, was the lone Democrat to sponsor the legislation, alongside four Republicans. The bill sought to modify the state income tax collection process to “provide for credits for bad debts on private label credit cards or dealer credit programs.”

Abrams, at the time, was senior vice president at a company called NOWAccount, which she had cofounded in 2010 with two business partners to help grow small businesses. NOWAccount would do this by loaning the businesses money upfront for invoices the businesses were awaiting payment on.

Recent findings from the Government Accountability Institute (GAI) reveal Abrams had an “integral” role in NOWAccount’s ability to secure state contracts with the Georgia Department of Community Affairs (DCA) that would use federal taxpayer dollars to fund the loans, as well as bail out NOWAccount when it had granted risky loans that defaulted.

GAI obtained documents that show Abrams’ name was used prominently during the application process for the state contracts and that NOWAccount had tried and failed to create similar setups in other states. GAI found that NOWAccount’s shoddy lending had led to federal taxpayer dollars covering a total of $1.5 million in losses from unpaid loans.

The legislation appears, therefore, to be related to and beneficial to NOWAccount.

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