SPRINGFIELD – State Senator Christopher Belt moved a bill out of the Senate Thursday that would provide better financial protections for small businesses in the state.
“There are small businesses around the state, especially in my community, that have faced challenges in accessing fair and transparent financing options that have allowed them to fall victim to predatory lending,” said Belt (D-Swansea). “These businesses are the backbone of our communities and they should be uplifted, not burdened with financial hardship and business failure.”
Senate Bill 2234 would create the Small Business Financing Transparency Act, which would provide protections for small businesses when taking out a loan by requiring key financial terms such as the amount financed, fees and the annual percentage rate be clearly disclosed at the time an online or non-bank provider makes an offer for a loan.
“With clear disclosure of loan agreements and financial terms, these businesses can make better decisions for their future and success,” said Belt. “Our state’s small business community will not have a future if predatory lending continues to occur. This measure sends a clear message that it will not be tolerated.”
Senate Bill 2234 heads to the House for consideration.
SPRINGFIELD – In an effort to raise awareness of the ongoing need for organ and tissue donation, State Senator Christopher Belt joined Secretary of State Alexi Giannoulias in a press conference about the topic on Thursday.
“As an organ donor recipient, I know firsthand how critical one’s life may be in if they are on the transplant list waiting for the news an organ has become available to them,” said Belt (D-Swansea). “It doesn’t matter your gender, age, race or any other factors. What matters is the fact you can save many lives by being a donor, and I will always urge everyone to add their name to the list.”
Currently, more than 7.5 million Illinoisans are registered with Illinois' Organ and Tissue Donor Registry with more than 2,000 transplants taking place each year. Yet, approximately 4,000 people remain on the transplant waiting list, and about 300 die waiting for a transplant every year.
“We are working diligently to spread the word about organ and tissue donation and to add to the Illinois Organ Donor Registry,” said Giannoulias. “We come to work every day and focus on issues that are important, but there are few things that are as important as this. We have the opportunity to save lives, save families, so anything and everything we can do to raise awareness, we will continue to do.”
To become a donor, Illinoisans can register with the Secretary of State's Organ and Tissue Donor Registry by visiting LifeGoesOn.com, calling 800-210-2106 or signing up at the DMV.
SPRINGFIELD – State Senator Christopher Belt advanced a measure out of the Senate that aims to identify and correct inequities some individuals face when seeking loans, mortgages or other financial services.
“We should be welcoming and encouraging residents to take the steps needed to buy a home or own a small business, not deter them through unfair lending practices,” said Belt (D-Swansea). “This legislation will help combat those issues and empower individuals with the financial tools and resources necessary to thrive.”
Senate Bill 3235 builds off previous legislation that incentivizes state-regulated financial institutions to meet the financial service needs of areas where there is a lack of access to affordable banking, credit for small businesses, reasonable interest rates, mortgages and other lending services.
The measure would mandate the Illinois Department of Financial and Professional Regulation to conduct studies to identify areas in Illinois that show significant disparities in relation to race, ethnicity, gender and other protected characteristics in the area of financial services. Additionally, the bill would identify policies and procedures that may have discriminatory effects on underserved communities.
“This continues to show we are taking steps forward in ensuring economic equity and opportunity is attainable for everyone in the state,” said Belt. “No person should be left behind due to barriers to basic banking and credit services, and we will fight for that until it’s a reality.”
Senate Bill 3235 passed the Senate Thursday and now heads to the House.
EAST ST. LOUIS – To address the nursing shortage rural communities are currently facing, State Senator Christopher Belt helped secure $150,000 in funding for nursing student scholarships at McKendree University.
“In order to end the nursing shortage in smaller communities, we need to hone in on incentives and other investments that shine light on this career path,” said Belt (D-Swansea). “Nurses are essential in our hospitals, and we cannot afford to continue seeing declining numbers of them.”
The Illinois Board of Higher Education awarded a total of $150,000 through a nursing school grant to McKendree University. The grant was awarded through a competitive application process where institutions submitted enrollment, retention, completion and job placement rates of their students during a multi-year period and how grant funds would be used to enhance their program’s efforts to close equity gaps and improve student success.
Read more: Belt helps secure funding to address rural nursing shortage
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