Rally was a huge success.  Well over 2,000 employees.  Speakers included industry CEOs, employees, a state senator and small lenders.     Lots of media to get the message out.  

Payday lenders employ more than 6,000 in Ohio in 1,600 storefront locations. Two major national payday lending companies are headquartered in Ohio, including Dublin-based Checksmart and Mason-based Check ‘n Go. 

• Close 1600 storefront locations
• Eliminate more than 6,000 jobs 
• Lose $172.6 million annually in employee payroll, benefits & payroll taxes 
• Vacate 4.8 million square feet of office space  
• Lose $76.8 million annually in rent revenue to landlords across the state
• Lose $23 million annually in revenue to advertising vendors

So begins the headline of this story out of Ohio:

Business owners like Phyllis Riccadonna, who runs America Check Exchange in Steubenville, are fighting back against the caps, saying it will kill them.

“It shuts everybody down,” said Riccadonna. “They’ll be 7,000 employees out of work, and they’ll be 1, 600 stores in Ohio empty.”

The Payday Pundit will provide live updates from the statehouse rally beginning at 11:00.

So says State Rep. John Domenick in today’s Herald Star.

“The reality is, payday loans are an unfortunate necessity for many Ohioans,” Domenick said. “Many people cannot make ends meet living from paycheck to paycheck. Job losses and the failed economic policies of the Bush administration have put an increasing number of people in this situation.”

Domenick noted more than 1,600 payday lending offices operate in Ohio with about 6,000 employees. He said owners testified that a 28 percent interest cap in the bill that passed the Ohio House would drive them out of business.