The article discusses the struggles of small business owners in Australia who are falling victim to predatory lending practices. Many, like Mia Li, are forced to take out high-interest loans to pay off debts to the Australian Taxation Office (ATO) and suppliers, often leading to financial ruin. The interest rates on these loans can exceed 100%, with some reaching up to 300%. The lack of consumer protections for small businesses allows lenders to exploit vulnerable owners. The article highlights the urgent need for regulatory reforms to protect small businesses from such practices, as many owners face severe mental health issues and even contemplate suicide due to their financial distress.

The article discusses the struggles of small business owners in Australia who are falling victim to predatory lending practices. Many, like Mia Li, are forced to take out high-interest loans to pay off debts to the Australian Taxation Office (ATO) and suppliers, often leading to financial ruin. The interest rates on these loans can exceed 100%, with some reaching up to 300%. The lack of consumer protections for small businesses allows lenders to exploit vulnerable owners. The article highlights the urgent need for regulatory reforms to protect small businesses from such practices, as many owners face severe mental health issues and even contemplate suicide due to their financial distress.