Protect small business borrowers by ensuring transparent and fair lending practices

Dear policymaker,

Access to capital is a critical component to maintaining my business’s operations and growth. That’s precisely why all small businesses should be protected as we search for capital.  

Currently the federal Truth in Lending Act (TILA) requires that consumer creditors disclose critical financing information, including annual percentage rate (APR), in a clear and comparable format. However, Congress has yet to extend these disclosure requirements to small business loans and other credit products, which means small businesses like mine are vulnerable to irresponsible lenders. As small businesses recover from the pandemic, it should go without saying that transparent lending shouldn’t be up for debate. I deserve to safely shop for capital by being able to make apples-to-apples comparisons and understanding the loan terms clearly. 

Small businesses are America’s backbone, employing nearly half of all employees. Our importance to the economy has been highlighted during and after the pandemic, and it’s precisely why we deserve these essential safeguards. We urge you to help protect small businesses like mine by supporting legislation like the Small Business Finance Disclosure Act of 2023, which would extend Truth in Lending Act disclosures to small business loan products.  

Please add my name to the list of small business owners and advocates from across the country that have signed this letter to urge Congress to support Main Street.