Hidden Costs up to 350% Imperil Illinois Economy, Urges Small Business Majority – Disappointment Over Stalled SB 2234

Small Business Majority Urges Illinois House to Prioritize Transparency.

Disappointment Over Stalled SB 2234 Puts Small Businesses at Risk

Elena Ellingson-Cosenza from Small Business Majority expressed disappointment with the Illinois House for not advancing Senate Bill 2234 which aimed to protect small businesses by requiring lenders to disclose loan APRs. Many small business owners face hidden costs in loans sometimes with interest rates over 350% making it crucial for them to know the APR. Without this transparency businesses are vulnerable to predatory lending practices, according to the report of Chicago Sun Times.

The lack of action on this bill means small businesses in Illinois remain at risk of exploitation by lenders. Ellingson-Cosenza emphasized the urgent need for legislation to give small business owners the information they need to make wise financial choices and ensure their businesses can thrive.

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(photo: New Jersey Business Magazine)

Small Business Transparency Crucial for Illinois Economy, Urges Ellingson-Cosenza

Small businesses are vital to Illinois economy but without clear lending terms they face unnecessary financial risks. Ellingson-Cosenza urged lawmakers to prioritize passing a bill that mandates transparency in small business financing to create a fairer environment for business growth.

Furthermore, the absence of clear lending terms leaves small business owners unable to accurately gauge borrowing costs, hindering informed decisions and sustainable growth. Lawmakers must act decisively to ensure transparency and accountability in small business financing.

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