Listen: Small business loans are fraught with pitfalls
"Talk about something that I've been on a burn about for a while and it's that the the truth in lending act does not apply to small businesses and so one of the hottest rip off areas in the country. Now are people who rip off small business owners with instant loans and so there's no requirement went under the law that a small business owner be told what junk fees are gonna come with alone or what interest rate comes with it and and I get as an owner of several small businesses. I get at least ten offers end the traditional male. You know snail mail coming from the post office. I get at least ten every week from these lenders. Assist specializing lending to small businesses. And it's something that could have been a good thing and there are people in it doing it right but unfortunately finally there are too many players out there who are taking advantage of the need for cash of small businesses and charging effective interest interest rates. That are gigantic for having money available in minutes hours or days. So here's here's the thing if you are a small business owner and you're getting these solicitations for these instant loans. Do Not Bite right until you have found out what fees there will be and what interest rate you'll be charged. If you can't get a straight answer you know you're done with whoever that is who's soliciting you and it is one of the failures of of Congress where every every individual member I think without exception in the US House and US Senate talk about how much they value small business people and they're all lying because they only care about the big fat cat corporations rations that line their pockets with contributions fact and the reality is nobody's looking out for the small a business owner and one example is that there are no laws governing proper disclosure of loan terms to to small businesses. And they're certainly should be second thing is the Supreme Court did the thing where states can charge sales tax to small businesses selling things over the Internet selling cross state lines. But it if I'm a big company if I'm Walmart or Amazon or target or something like that. Having to comply with the sales tax ex- rules of a zillion different cities and counties and states. And all that is something that for me is no big deal. It is a nightmare mayor for a small business trying to comply and there should be a simplified tax procedure. He just put in place that states will just have to live with that governs small businesses. Selling let's say online sales ells below a certain threshold that may be a million dollars a year in sales or ten million a year. Whatever the big money's coming from the big corporations corporations anyway? Why make life miserable for small businesses? I'd love to hear candidates running for president. President candidates running for office in the House of the Senate actually have a real agenda agenda to try to help entrepreneurs and small businesses because it is just maddening that the only only people who get to really been the ear of our elected officials or the lobbyists representing the biggest companies out there who feed all that campaign cash in and when people were going to run for office. Who really mean it? It's the People's House and that they are there to represent the people of the United"