CRBF Sends Letter to President Trump Outlining Priorities for Fintech Small Business Lending Companies

The Coalition for Responsible Business Finance today wrote to President Donald J. Trump to outline 5 top priorities for the FinTech small business lending sector.  The letter, dated February 8th, states that "as the FinTech small business sector continues to grow and become a larger provider of capital to small businesses, we encourage your Administration to take action on several items so that small businesses can further depend on financing their activities from FinTech small business lending companies."

CRBF outlined several major priorities in the letter, including as follows:

  1. Direct the Office of the Comptroller of the Currency (OCC) to allow certain FinTech companies to operate under a national bank charter 
  2. Hold quarterly Inter-Agency meetings to discuss FinTech small business lending issues 
  3. Prevent duplicative and inadequate consumer lending regulations on small business lenders
  4. Establish clear guidance for banks to partner with FinTech small business lending companies 
  5. Preserve the Interest Deductibility to Encourage Small Businesses to Continue Borrowing to Finance their Activities 

Small Business Gives Price Transparency a Thumbs-Up

Small Business Gives Price Transparency a Thumbs-Up

The Coalition for Responsible Business Finance (CRBF) applauds the development of SMART (Straightforward Metrics Around Rate and Total cost) Box released today by the Innovative Lending Platform Association (ILPA).  This model lending disclosure, developed by ILPA members, OnDeck, Kabbage, and CAN Capital adds an enhanced level of price transparency to the Non-Bank Small Business (NBSB) lending and finance sector and will make it easier for small business owners to understand contract terms and compare pricing across a broad range of finance options.

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Facts & Figures about Non-Bank Small Business (NBSB) Lending

Facts & Figures about Non-Bank Small Business (NBSB) Lending

Business loans have increasingly become more difficult to obtain for small business owners.  With strict lending requirements and the extended application process of traditional banks, more and more small to medium sized businesses are turning to non-traditional small business financing options for their business loans. Check out these facts and stats about alternative business loans provided by SnapCap.

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CRBF Founding Member Fundation; Helping Minority Small Businesses

CRBF Founding Member Fundation; Helping Minority Small Businesses

Sam Graziano, CEO of Fundation, said, “We are thrilled to partner with MBDA to serve the MBE community. Young and growing small businesses need a lot of things to be successful. The combination of MBDA’s capabilities with ours will offer MBE’s with both high quality business advice and best-in-class credit products, two of the cornerstones in any growing enterprise.”

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CRBF Publishes Best Practices

CRBF Publishes Best Practices

CLICK HERE TO ACCESS CRBF'S CODE OF ETHICS AND BEST PRACTICES

Non-Bank Small Business Lenders And Small Business Advocates Work Together to Set Best Practices, Raise Standards

CRBF’s Best Practices is a written commitment to provide the highest level of transparency to empower small business borrowers to make fully informed decisions when considering accessing capital outside of the banking system.

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Raising the Standards for Alternative Small Business Lending -- Choice Matters

Raising the Standards for Alternative Small Business Lending -- Choice Matters

As part of our effort, we are publishing our Code of Ethics and Best Practices for small business lending, aimed at setting a high standard for our industry. These are principles and practices that all of our members have agreed to and are advocating for. They include defining what constitutes transparent and comprehensive offers and terms, a commitment to avoiding any deceptive or unfair practices, how to handle refinancing, and what underwriting and collections practices will be employed. Because contracts involve two parties, the foundation of our Best Practices is the responsibility that rests with both borrowers and loan providers.

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Small Business Alternative Lending: What You Need to Know

Small Business Alternative Lending:  What You Need to Know

In this series on small businesses and alternative lending, ChooseWhat spoke with a number of economists, lenders, and policy experts. Carl Fairbank, CEO of Breakout Capital, and Tom Sullivan, director of the Coalition for Responsible Business Finance, both spoke about what businesses seeking a loan should keep in mind as they explore alternative lending options.

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Treasury Issues White Paper on Online Marketplace Lending

Treasury Issues White Paper on Online Marketplace Lending

The U.S. Treasury Department today issued a white paper regarding its review of the online marketplace lending industry. The white paper titled, “Opportunities and Challenges in Online Marketplace Lending,” provides an overview of what the Treasury Department heard in response to its Request for Information, and it contains research on and recommendations for the industry. 

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