; Findings (a) Short title This Act may be cited as the Small Business Credit Card Act of 2018 . (b) Findings The Congress finds as follows: (1) Economic growth has frequently been led by the creation of millions of new, small businesses. (2) Today, small business owners are severely limited in their ability to finance new business ventures because access to capital through traditional resources has been restricted. (3) In 2017, 27 percent of small businesses surveyed cannot access adequate financing. (4) Small businesses are being pushed into using credit cards to meet capital needs. (5) This use of credit cards is especially true for innovative and rapidly growing businesses which lack the assets necessary for a traditional loan. (6) In 2017, 20 percent of small businesses say they were forced to reduce their number of employees as a result of inability to access financing. (7) In 2017, 31 percent of the small businesses surveyed used credit cards to meet their capital needs. (8) In 1993, only 16 percent of small businesses used credit cards as a source of financing. (9) One-half of small businesses using a credit card carry a monthly balance, and one-quarter of small businesses carry a monthly balance in excess of $10,000. (10) The average interest rate charged on small business credit cards is 14.16 percent. (11) Nearly one-in-three small businesses with credit cards have reported a worsening of terms, including increased interest rates, fees, and payment procedures, making it more difficult to expand operations or grow business. (12) Small business credit cards contracts do not include consumer protections provided to individuals under the CARD Act. 2. Extending credit card protections under the Truth in Lending Act to small businesses (a) Definition of consumer Section 103(i) of the Truth in Lending Act ( 15 U.S.C. 1602(i) ) is amended— (1) by striking The adjective consumer , used with reference to a credit transaction, characterizes the transaction as one in which the party to whom credit is offered or