StreetShares and Opportunity Finance Network Join Responsible Business Lending Coalition
For immediate release: June 18, 2019
Contact: Caitlin McShane, (415) 225-8855, firstname.lastname@example.org
Coalition champions innovation in small business lending that makes credit more accessible, combats rise of predatory and irresponsible practices
Washington, D.C., June 18 2019—The Responsible Business Lending Coalition (RBLC), a network of non-profit and for-profit lenders, brokers and small business advocates, today announced the addition of two new member organizations.
Joining the coalition are Opportunity Finance Network, the national association of community development financial institutions (CDFIs) with over 260 members in all 50 states, and StreetShares, a Lending-As-A Service technology provider to financial institutions and a responsible direct lender focused on expanding access to affordable credit for veteran-owned small businesses. They join members including Accion, the Aspen Institute, Community Investment Management, Funding Circle, LendingClub, Opportunity Fund, and Small Business Majority. Together, they lead the coalition’s work to champion innovation in small business lending aimed at making credit more accessible, and combating the rise of predatory and irresponsible practices in the small business lending market.
“OFN’s members too often see troubling scenarios where business owners come to them for help safely getting out of strangling loan payment situations,” said Lisa Mensah, OFN President and CEO. “Stemming the flow of irresponsible, expensive and deceitful loans is critical to the CDFI mission of providing opportunity in low-income, low-wealth and under-resourced communities. Becoming part of the Responsible Business Lending Coalition strengthens our network’s position even more. We look forward to working with this growing coalition to make responsible financing the standard in small business lending.”
"StreetShares is delighted to join the RBLC, to advocate for greater transparency in small business lending and to fight to put an end to the predatory practices of some online lenders," said Mark Rockefeller, Co-Founder and CEO of StreetShares.
About the Responsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is a network of non-profit and for-profit lenders, brokers and small business advocates that share a commitment to innovation in small business lending and serious concerns about the rise of irresponsible small business lending. The coalition created the Small Business Borrowers' Bill of Rights, the first cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generators can do to uphold those rights. Since the creation of the Small Business Borrowers' Bill of Rights, nearly 60 small business lenders and brokers have committed to uphold these rights, and nearly 50 advocacy and support organizations have endorsed them. For more information, visit www.borrowersbillofrights.org