Some great news! Today, the California Assembly Appropriations Committee voted in favor of Opportunity Fund supported Senate Bill 1235. SB 1235 would bring transparency to the small business lending space – helping thousands of California small business owners avoid high cost debt.
You can help make this a reality!
Find your State Assemblymember here and give them a call. Tell your Assemblymember to support small businesses and transparency in small business lending by voting YES on SB 1235.
SB 1235, authored by State Sen. Stave Glazer (D-East Bay), is supported by a coalition of more than sixty organizations both private sector and non-profits. It proposes a common-sense solution to the problem of high-price financing (our research found it to be an average of 94% APR!) hiding their true cost by requiring all lenders to clearly and consistently communicate their terms to small businesses seeking financing. The bill provides the Department of Business Oversight the flexibility to set disclosure standards that provide small business owners the transparency they deserve, without restricting responsible business practices. Most importantly, this bill will support small businesses in their quest for access to capital, growth, and success.
“The amended bill contains metrics for estimating annualized finance costs that are critical to help small businesses make better financial decisions. Estimated cost requirements would go a long way to help protect small businesses and help them understand their financing choices,” said Gwendy Brown, Opportunity Fund’s VP of Research and Policy, in an interview with Bloomberg Law. Read the full article here.
Take Action! – Call your rep and tell them Small Businesses need this bill
Find your State Assemblymember here. Call them and tell them to support small businesses and lending transparency by voting YES on SB 1235!