Stephen Gilchrist, the chairman and CEO of the South Carolina African American Chamber of Commerce, said a pending state senate bill to limit small dollar loans could limit access to credit for African Americans.
Two groups pushing for restrictions on installment lenders in South Carolina are part of a “network of businesses and advocacy groups—which has cumulatively received more than $380 million in federal grants, loans, and other taxpayer assistance since 1996" and "has spent millions lobbying the federal government on measures including additional regulations on those lenders,” reported the Washington Free Beacon.