Brown Presses DoorDash on High-Cost Loans to Small Businesses
May 22, 2024
May 22, 2024
WASHINGTON, May 22 -- Sen. Sherrod Brown, D-Ohio, issued the following news release:
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, raised concerns about DoorDash advertising merchant cash advance (MCA) products to small businesses on its platform.
"MCAs are often high cost: merchants have paid the equivalent of interest rates over 800 percent or even higher in connection with MCAs," wrote Bro . . .
Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, raised concerns about DoorDash advertising merchant cash advance (MCA) products to small businesses on its platform.
"MCAs are often high cost: merchants have paid the equivalent of interest rates over 800 percent or even higher in connection with MCAs," wrote Bro . . .