When I started my business, I knew I would face many challenges and obstacles, but I never expected to fall victim to a bad loan product because lenders weren’t required to disclose the full cost of the loan.
I was fortunate to be able to get my business out of this experience safely, but no small business owner should have to go through this, which is why I’m disappointed that the Illinois House of Representatives is not moving forward with Senate Bill 2234, the Small Business Financial Transparency Act.
This legislation enacts important protections for Illinois small business borrowers by requiring non-bank commercial lenders to disclose APRs, the only established metric that allows borrowers to compare different loan products.
Without this transparency, many small business owners end up paying effective APRs of over 50%, and sometimes as high as 350%, without these rates being disclosed.Unfortunately, in the absence of legislative action, small businesses will continue to be targeted by non-bank lenders who charge excessive interest rates.
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I urge the Legislature to take up and pass this bill during the next legislative session. Illinois entrepreneurs deserve to make informed decisions based on transparent loan terms so their small businesses can thrive.
Elena Ellingson Cosenza, Communications Assistant, Small Business Majority
What are the alternatives to ShotSpotter?
Neil Steinberg’s column on ShotSpotter is spot on. I know Mayor Brandon Johnson made a campaign promise to speculate that the technology contributes to over-policing of black and brown communities. And yet, with over 2,400 people shot in Chicago in 2023, any tool that can notify us of a gun being fired in our city should be used.
Campaign promises about human safety don’t trump the effectiveness of law enforcement tools, especially when law enforcement officials are championing crime-fighting mechanisms. Chicago Police Capt. Larry Snelling is a ShotSpotter advocate.
They were joined by several City Council members whose neighborhoods are most at risk of gun violence, who urged Johnson to “take all necessary steps to ensure that Chicagoans do not lose out on critical services.”
If the Mayor wants to follow through on his intention to discontinue the technology, he needs to first inform citizens about the results of ShotSpotter and what will be done to replace the technology.
Terry Takash, Western Springs
