Small business lenders must now report who they lend to, and for how much

The US consumer protection agency wants to expand the types of small business loans that lenders must report. This means more lenders will have to disclose data on who gets credit, and for what amounts.

For years, it has been hard to tell if small businesses, especially those owned by women or minorities, get fair access to credit. Lenders did not have to report this data. This change means the government will finally collect the numbers needed to see if discrimination is happening. It will also show which types of small businesses are getting loans, and which are not.