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Take Action: Support Federal TILA

Please support Small Business Lending Disclosure Act of 2021 (HR 6054 / S 3235). This federal bill, based on the BBoR, would ensure that all small businesses seeking financing have the information they need to make informed decisions.

Timely Action Needed in the House: The House bill, H.R. 6054, is on the docket of the House Financial Services Committee for possible consideration on Wednesday, March 16th. This would be the Committee’s first time considering the bill and would be a critical step towards passage. 

We are asking all BBoR signatories and endorsers to contact your Representative and urge them to cosponsor H.R. 6054. It is particularly important that we secure strong support from all Democrats on the House Financial Services Committee prior to the March 16th mark-up. Click here to identify if your Representative is on the committee.

Feel free to incorporate any of the following talking points in your email: 

  • The Small Business Lending Disclosure Act of 2021 will, for the first time, empower every hard-working entrepreneur with clear information so that they can choose the best small business financing product for them. 
  • The bill requires all commercial financing providers to disclose key rates and terms, including APR, loan amount, all upfront and scheduled charges, and more. 
  • Universal disclosure of APR and other key terms will help business owners avoid unaffordable debt and make apples-to-apples comparisons between financing options.
  • The Responsible Business Lending Coalition (RBLC) estimates that the bill could provide:
    • Over $4.7 billion in savings for nearly one million small businesses annually.
    • Hundreds of millions in savings for approximately 400,000 minority-owned small businesses, providing them with resources to reinvest and build wealth in their firms
  • The bill does not discriminate against certain products or providers. This pro-market legislation allows small business borrowers to make fair comparisons between products, thereby increasing competition in the marketplace.