Orlando Sentinel, June 16, 2021, Predatory lenders put Florida small businesses at risk | Commentary
Seven years ago, I started a casino-themed events business in my garage in Orlando and built it into a successful enterprise with six-figure sales and service across Florida. Then the pandemic upended our country and the only calls I got were cancellations. I lost tens of thousands of dollars in the first weeks of the crisis, and as I awaited federal relief I contemplated taking out a loan to stay afloat. If I had, I might not still be in business today.
Worse, a rule issued last December by a national banking regulator, Office of the Comptroller of the Currency (OCC), protects predatory small business lenders that exploit financial victims with outrageous loans that greatly exceed state interest rate laws like Florida’s. But the U.S. Senate, including Sen. Marco Rubio, two other Republicans and all Senate Democrats, recently voted to overturn the rule. Our congressional delegation should follow the Senate’s lead in order to stop evasions of our laws and protect small businesses.
