As a small business in New York State, I want lawmakers in Albany to protect small business borrowers from predatory lenders just like individual consumers are protected.
One important step is requiring truth-in-lending. Companies that provide financing to small businesses shouldn’t hide the true cost of their products. An effective small business truth-in-lending law would require financial institutions to give straightforward information about their products—every step of the way—so we can make easy comparisons and choose the financing that will work for us.
A truth in lending bill for small business recently passed in California. It’s time for New York lawmakers to do the same.