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    Entries in finance (3)


    Illinois May Target Predatory Lending to Small Businesses

    A first-in-the-nation bill would regulate loans made to small businesses by alternative lenders mostly found online.
    BY  APRIL 18, 2016

    Illinois could be the first state to regulate predatory lending to small businesses, an emerging threat that some have called the next credit crisis.

    The bill, SB 2865, targets many of the complaints that small business owners and researchers have made in recent years about loans made by online lenders and other non-traditional institutions. The legislation, which amends the Illinois Fairness in Lending Act, would require more transparency from lenders regarding the annual interest rate and terms applied to the loan.

    “Many of the so-called four D’s of predation -- deception, debt traps, debt spirals and discrimination -- stem from a lack of transparency,” Chicago Treasurer Kurt Summers told the state Senate's financial institutions committee last week. “Today in Illinois, a company selling timeshares for $100 a month is required to have more clearly articulated loan terms in their contracts than an online lender would for a $200,000 business loan.”

    The legislation, which the full Senate is now considering, would also set standards for making the loan, such as requiring lenders to consider a business owner’s ability to pay. Specifically, the measure would prohibit loans to a small business if the monthly loan payments would exceed 50 percent of the borrower’s net monthly revenue.

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    How Detroit Put a Rain Delay on El Paso's Stadium Financing

    POSTED BY  | SEPTEMBER 3, 2013

    There isn’t much that links a low-lying Texas border town like El Paso to a former northern industrial hotbed like Detroit—that is, there wasn’t until very recently, when the 1,700 miles stretching between the two suddenly seemed too close to officials in the southwestern city.

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    3 Cities That Used Natural Disasters to Revitalize Their Futures

    Hit by tornadoes and earthquakes, Tuscaloosa, Ala.; Greensburg, Kan.; and San Francisco all learned how to turn local tragedy into a new and vibrant vision. Their lessons are a playbook for local officials dealing with disasters.

    Originally published in the August 2013 issue of Governing Magazine

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