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State Policy Roundup | Federal Truth-in-Lending Bill Introduced

In this Must Know…

State Policy Roundup

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Federal Truth-in-Lending Bill Introduced

Last Thursday, Rep. Nydia Velazquez and Sen. Bob Menendez reintroduced the Small Business Lending Disclosure Act, which was originally introduced in 2020. If passed, the legislation would establish much-needed truth in lending for small business financing by requiring clear disclosure of APRs and fees.

CAMEO commends this effort and urges lawmakers to support the legislation. This bill is of special importance to entrepreneurs of color as they are more likely to find financing online, where most of the predatory lenders operate and tend to hide the true costs of their products.

Emily Gasner and Daniela Fernandez-Ulen at the OFN Small Business Finance Forum

CAMEO at the OFN Small Business Finance Forum

CAMEO’s Emily Gasner and Daniela Fernandez-Ulen were at OFN’s Small Business Finance Forum this week in Chicago.

Four years since the last in-person SBFF, it was great to reconnect with colleagues from around the country and talk about the issues that are salient to our industry.

We also enjoyed the deep and diverse content offered by all the speakers – from incorporating anti-racism into our work to evolving to meet the current and future needs of small businesses – we left Chicago inspired, energized, and ready to take on the challenges ahead.

The Goodies

Funding Opportunities

  • EDA is accepting applications for its $50 million Build to Scale (B2S) program to support projects that increase access to capital for entrepreneurs, and startups. The deadline to apply is July 28, 2023.
  • The California Supplemental Paid Sick Leave program will award funds to eligible businesses and nonprofits that have incurred costs for COVID-19 Supplemental Paid Sick Leave.

Virtual Events & Trainings

Other Goodies

  • For Your Clients: ICCC and Kaiser Permanente are hosting a National Virtual Cohort for small business owners on July 25 and 27, 2023.
  • Jobs: CAMEO, the Treasury Department, ESO Ventures, and Alliance for Community Development announced new jobs recently. See who else is hiring!