Washington, May 7 -- Congresswoman Lateefah Simon issued the following press release:
During National Small Business Week, Congresswoman Lateefah Simon (D-CA-12) and House Committee on Small Business Ranking Member Nydia Velazquez (D-NY-07) introduced the Small Business Borrowers' Bill of Rights, a resolution affirming that small business owners seeking financing have fundamental rights to protect them from unfair lending practices.
Technological change has expanded access to small business loans and capital; however, it has also created new opportunities for predatory actors to take advantage of small business borrowers. From misleading pricing, unaffordable underwriting, and abusive loan products, small business owners face a variety of...