Woodstock Institute is championing HB744 HA # 1 as part of our efforts to protect and promote small businesses.
As individual consumers, we have long had the right to know the true cost of a loan. We shop for credit cards, car loans, and mortgages based, in large part, on the product’s Annual Percentage Rate (APR). But in Illinois, small businesses are still being kept in the dark. Non-bank lenders are not required to disclose APR.
The Coalition for Small Business Lending Transparency (CSBLT) is a group of small business owners, lenders, nonprofits and advocates working to close this loophole. We believe every entrepreneur deserves the same basic transparency when shopping for financing as consumers have.
Our goal is simple: pass the Small Business Financing Transparency Act (HB744 HA #1) in Illinois to require non-bank lenders to disclose APRs to small business borrowers. With transparency, entrepreneurs can make informed decisions, protect their employees and keep wealth in our communities.
