By Shane Heskin and Beverly Brown Ruggia
New Jersey small businesses have faced a tumultuous 2025. Decreasing consumer confidence, surging health care costs, and an uncertain economy have made it harder than ever to thrive or even stay afloat. But our lawmakers, and the outgoing Murphy administration, can give our struggling small business owners the perfect lame-duck legislation holiday present. Passing the Small Business Truth in Lending Act, sponsored by Senator Troy Singleton and Assemblywoman Verlina Reynolds-Jackson, into law would give these owners, and in particular small business owners of color, a lifeline to fair financing in these troubled times.
Small business lending has changed dramatically over the last decade. Currently, about half of all financial services worldwide are now offered by companies not classified and regulated as banks. While this has increased financing opportunities, it’s also opened small business lending to misleading financing rates.
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