We’re seeing billions of dollars of financing to small businesses, charging APRs of 50% to 350% or more, without those prices ever being disclosed. New Jersey must protect small businesses by passing a law requiring financing companies to disclose transparent prices to NJ business owners. The Responsible Business Lending Coalition projects that this bill would save New Jersey small businesses an estimated $133 million to $632 million dollars per year in unnecessary interest and fees, simply by empowering business owners to make price comparisons and sometimes choose a lower-cost financing option if they want to.
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