For decades, the story of the American economy has been one of expanding opportunity. In Tennessee, we’ve seen firsthand how access to credit has evolved from a luxury for the few into a vital tool for the many.

Gone are the days when a small farmer or a shopkeeper had to rely on a single local lender or, worse, a predatory “handshake” deal. Today, whether it’s a shop owner in Savannah bridging a cash-flow gap or a family farm with a vital piece of equipment in need of repair, credit cards provide an important lifeline of liquidity.

Access to credit isn’t just a financial tool — it’s a lifeline.

For working families trying to stay afloat and for entrepreneurs trying to build something of their own, access to credit is often the difference between getting ahead and falling behind.

In Arizona, our neighborhoods are shaped by the resilience of Hispanic families and the drive of our entrepreneurs. I am proud to represent an organization that has fought for nearly a century to ensure that every Latino has a fair shot at the American Dream. From the desegregation battles of the 1940s at Tempe Beach to our current advocacy for educational equity, LULAC has always known that civil rights and economic opportunity are two sides of the same coin.

For too long, the story of Black businesses in Georgia was one of “making do” with the limited resources offered to us. Decades of systemic barriers meant that access to capital was often closed off, forcing Black entrepreneurs to rely on personal savings or informal networks. The practice of redlining, which denied loans and mortgages to people in certain neighborhoods, typically those with high-minority populations, has resulted in a long-term cycle of reduced homeownership, lower property values, and limited wealth accumulation for our communities.

When I meet with small business owners across California, the conversation almost always comes back to one thing: access to credit. Whether it’s keeping payroll on track during a slow month, stocking inventory ahead of a busy season or responding to an unexpected expense, access to credit often determines whether a business grows, survives or shuts its doors. This is especially true for California’s Latino entrepreneurs, who are starting businesses at faster rates than the general population and are an increasingly vital part of the state’s economy.

For generations, access to fair and responsible credit has been one of the most powerful tools for economic mobility in America. Today, millions of families can buy a home, start a small business, pay for school, or manage an unexpected emergency because they have access to credit. But it is important to remember that it was not always this way and that progress did not come easily, nor equally.

The recently proposed caps on credit card interest rates may sound appealing on the surface. Who wouldn’t want to be guaranteed a prime rate for any credit card? Unfortunately, the reality of implementing a rate cap is much more complex, consequential and destructive than it seems.

For 25 years, the Florida State Hispanic Chamber of Commerce has worked to expand opportunity for Hispanic entrepreneurs and the small businesses that form the backbone of Florida’s economy. Today, more than 600,000 Hispanic-owned businesses across our state generate over $90 billion annually to Florida’s economy, fueling job creation, innovation and local growth.

At first glance, capping credit card interest rates sounds like a simple solution to a real concern as households face rising costs and mounting consumer debt. Families are feeling stretched and policymakers are right to look for ways to provide relief, but good intentions do not always lead to good outcomes. And, over the past several decades the U.S. financial system has made meaningful progress in expanding access to credit across income levels and communities.

At Grand Rapids Area Black Businesses (GRABB), we work every day to help Black entrepreneurs start, sustain and grow businesses in West Michigan. Our mission is grounded in a simple reality: thriving Black-owned businesses are vital to a robust, inclusive economy. But too often, the entrepreneurs we support are forced to do more with less.