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  • Writer's pictureJoey Amato

NGLCC Stands in Strong Support of the LGBTQI+ Business Equal Credit Enforcement and Investment Act

Updated: Jan 25

The National LGBT Chamber of Commerce (NGLCC) proudly stands behind the LGBTQI+ Business Equal Credit Enforcement and Investment Act, spearheaded by Representative Ritchie Torres (D-NY) alongside Senators Kristin Gillibrand (D-NY) and Alex Padilla D-CA), marking a monumental step toward ensuring equitable access to credit and capital for LGBTQI+-owned businesses nationwide.

This groundbreaking legislation aims to require financial institutions to collect data on LGBTQI+-owned businesses’ access to credit and capital, mirroring NGLCC’s commitment to understanding and addressing disparities faced by LGBTQI+ entrepreneurs.

As a champion for economic opportunities within the LGBTQI+ community, the NGLCC recognizes the significance of this bill in rectifying discriminatory lending practices faced by LGBTQI+ business owners. By including sexual orientation and gender identity within the Equal Credit Opportunity Act (ECOA) statute, this legislation stands as a beacon of progress, creating an environment that fosters economic growth, innovation, and fairness.

NGLCC Co-Founder & President Justin Nelson commented, “We at NGLCC commend the leadership of Rep. Ritchie Torres, Senators Gillibrand and Padilla, and all those supporting this legislation for their unwavering commitment to advancing economic equity for LGBTQI+ entrepreneurs. We join them in urging the swift passage of the LGBTQI+ Business Equal Credit Enforcement and Investment Act to ensure fair and equal access to financial resources for all business owners, irrespective of sexual orientation or gender identity.”

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