SPRINGFIELD – State Senator Christopher Belt advanced a measure out of the Senate Financial Institutions Committee that would provide better financial protections for small businesses in the state.

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“Our small businesses are what makes the community thrive, and it is essential that we provide them with the necessary tools and protections to thrive,” said Belt (D-Swansea). “With more transparency in lending practices, we are empowering small business owners and creating an equitable business environment.”

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Senate Bill 2234 would create the Consumer Protections for Small Business Act, which would provide protections for small businesses when taking out a loan by requiring key 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.

“No small business should have to encounter predatory lending,” said Belt. “With this measure, we are safeguarding these businesses from unfair and deceptive practices, in turn creating more support and well-being for our state’s small business community.”

Senate Bill 2234 now awaits consideration before the Senate.

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