WASHINGTON D.C. - March 29, 2016—The nation’s foremost small-business groups have partnered with leading online small-business lending and finance companies to create the Coalition for Responsible Business Finance (CRBF), a new advocacy organization dedicated to bolstering the credibility, reliability and security of the growing non-traditional small-business lending industry.
The CRBF was created to advocate for the burgeoning FinTech industry as it provides much needed access to capital to small businesses. Among CRBF’s priorities is establishing the industry’s Standards of Excellence, a set of best practices that will set an extremely high level of transparency and accountability.
Tom Sullivan, former Chief Counsel for Advocacy in the Small Business Administration, will lead the CRBF, which includes among its Advisory Board executives from the National Federation of Independent Business (NFIB), the National Small Business Association (NSBA), and the Small Business & Entrepreneurship Council (SBE Council).
“CRBF was created to educate state and federal policymakers, media, and communities on how technology and innovation are providing small businesses access to capital that is necessary for growth,” Sullivan said. “CRBF is a much-needed voice for an industry that is doing tremendous things for small businesses, the jobs they create, and the U.S. economy as a whole.”
Following the financial regulatory reforms of the Dodd Frank Act, small businesses have seen access to capital greatly diminished. As a result, the business sector of non-traditional lending has emerged as a reliable source of capital for small businesses in the United States.
The work of CRBF will proactively protect and enhance the reputation of the industry by bringing leaders in the small business community together with small business lenders and advocating their shared desire to increase access to capital for small business.
“Non-traditional sources of capital provide small businesses with the ability to start, grow, and thrive in the American economy,” Sullivan said. “Small business owners expect and deserve choices for credit. And we at the Coalition believe that a better understanding of non-traditional small business lending will lead to greater acceptance by customers, regulators, and local, state, and federal elected officials.”
For more on CRBF, please visit www.ResponsibleFinance.com.