Lending rules: Predatory lenders target small businesses

Having tapped the individual market, predatory lenders are now targeting small businesses. Since small business owners are particularly vulnerable to predatory lending since the owner often has a difficult time accessing capital and may only need a small loan that is not of interest to banks.

Minnesota has some of the weakest predatory lending regulations in the nation. A bill was introduced last session that easily passed in the House but a powerful lobbyist blocked passage in the Senate.

Contact your House representative and your Senator and ask that they pass the previous predatory lender bill.

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