“Senate Bill 2234 from state Sen. Christopher Belt, D-Swansea, would provide protections for small businesses when taking out a loan by requiring financial terms such as the amount financed, fees and the annual percentage rate be clearly disclosed at the time an online or non-bank provider makes an offer for a loan.
‘There are small businesses around the state, especially in my community, that have faced challenges in accessing fair and transparent financing options that have allowed them to fall victim to predatory lending,” said Belt. “These businesses are the backbone of our communities and they should be uplifted, not burdened with financial hardship and business failure.'”