Protect Illinois Small Businesses!

When small businesses turn to online companies that are not banks to obtain financing, it is practically the Wild West. These “nonbank lenders” don’t have to disclose the interest rate – or Annual Percentage Rate (APR) – of their loans and don’t need to be licensed. The APRs on these loans can exceed 300%!

SB 2234/HB 5587 would establish important protections for small businesses receiving financing from nonbank lenders. Nonbank lenders would be required to disclose the APR of their loans and would be required to obtain a license from the State.

Call your state senator and say: “I am a constituent calling to urge the Senator to support SB 2234.” And call your state representative and say: “I am a constituent calling to urge the Representative to support HB 5587.”

Contact your state legislators

Contact your legislators.

Contact your state legislators

Thank you for taking action.

Thank you for contacting your legislators about small business protections!

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