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New bill would protect LGBTQ-owned businesses from lending discrimination

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www.washingtonblade.com

A bicameral bill introduced on Wednesday by U.S. Sens. Alex Padilla (D-Calif.) and Kirsten Gillibrand (D-N.Y.), along with U.S.

Rep. Ritchie Torres (D-N.Y.) would require financial institutions to collect data on access to credit and capital by LGBTQ-owned businesses.

The legislation would thereby allow regulators to better identify and potentially remedy instances of anti-LGBTQ discrimination in these areas.

CNBC reported in June that a study by the Movement Advancement Project found LGBTQ-owned businesses encountered more rejections than non-LGBTQ-owned businesses that applied for funding, amid a tightening of lending standards across the board.

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