CHANGE LIVES
As a result of our advocacy together:
6.4 M
BUSINESS OWNERS
in California and New York have new legal protections and are empowered to make more informed decisions about their financing.
$2.8 B
SAVED PER YEAR
in unnecessary interest and fees1
Possibility
MAKING IT POSSIBLE
for those small business owners to build generational wealth, send kids to college, give raises to employees, and hire for new jobs.
1 This is the $4,864 to $23,098 per loan that small businesses are routinely overpaying when lower-price options are available (per Financial Health Network research), multiplied by the number of small businesses in NY and CA (per US Census) who are seeking capital online, and who also say the price of financing is a top priority for them (per Federal Reserve Small Business Credit Survey).
1
2
CASE STUDY
Little Red Dog
Losing Homes and Livelihoods
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PJ and Steve took out a loan to fund their pet rescue,
The Little Red Dog.
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The lender quoted a misleading rate of 0.099% (actual APR was 465x that) and required their home as collateral.
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The lender’s CEO previously led a subprime mortgage company that regulators fined $214 million for fraud and discrimination against Black and Hispanic homebuyers in the leadup to the 2008 crisis. Then he moved into small business lending, where many regulations just don’t apply.
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Now this lender is suing PJ and Steve for $1.2 million, just one year after providing them $458k. The lender packed on predatory fees, is foreclosing on their home, and has pushed them into bankruptcy. ​
Share Your Story
HAVE YOU (OR SOMEONE YOU KNOW) BEEN AFFECTED BY HARMFUL BUSINESS LENDING PRACTICES?
Help inform policymakers as they address this issue. Share your story anonymously using the below link. Someone from Small Business Majority (a small business advocate and Responsible Business Lending Coalition member) will be in touch with you. We will never attribute your name or any personal information to this story without your explicit approval.
