This resolution states the House's view that small business owners seeking financing have basic rights. It lists rights such as clear written pricing and terms, competitive product choices, responsible underwriting that assesses a business's ability to repay, honest and impartial communications from financing providers, brokers, and lead generators, inclusive credit access, fair treatment under laws like the Equal Credit Opportunity Act and Fair Debt Collection Practices Act, protections against expensive cycles of reborrowing, and limits on use of confessions of judgment. The resolution cites data on the size and job creation role of small businesses and notes that many small firms regularly use financing. It was introduced on May 7, 2026, by Representatives Lateefah Simon and Nydia Velázquez and was referred to the House Committee on Small Business.
If you own or run a small business, this resolution expresses a set of expectations you should be able to have when seeking loans or other financing. It says you should get written, easy-to-compare cost and term information; see financing that does not lock your business into repeated expensive borrowing; have underwriting that considers your business's ability to succeed and repay; receive honest information about fees and conflicts of interest; be treated fairly when applying for credit; and be treated respectfully in collections. The resolution asks Congress to consider these principles when making future laws or rules. The resolution itself is a statement of the House's sense and does not by itself change existing law.
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Supporters say these principles promote the sustained growth and vitality of main street businesses and should serve as a framework for potential legislation and regulation to protect small business borrowers. The resolution was sponsored by Representatives Lateefah Simon and Nydia Velázquez.
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