According to Woodstock Institute, a nonprofit policy organization, data shows that despite making up about 28% of Illinois small businesses, businesses in low-to-moderate income census tracts only received 22% of small business loans from 2018 to 2022. Businesses in upper-income census tracts received nearly 8% more loans relative to their share of Illinois small businesses.
The Small Business Truth in Lending Act in House Bill 3064 seeks to establish a regulatory framework in Illinois for “non bank” lenders to small businesses.