Camino Financial and National Association for Latino Community Asset Builders Join Responsible Business Lending Coalition
For immediate release: July 8, 2022
CONTACT:
Caitlin McShane
(415) 225-8855 | [email protected]
July 8, 2022 -- 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 the National Association for Latino Community Asset Builders, a national network of over 170 mission-driven organizations that are anchor institutions in geographically and ethnically diverse Latino communities across the nation, and Camino Financial, an AI-powered community lending platform offering credit and wealth-building solutions to overlooked entrepreneurs.
They join member organizations Accion Opportunity Fund, the Aspen Institute, Community Investment Management, Funding Circle, LendingClub, Opportunity Finance Network, 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.
“The RBLC is proud to welcome NALCAB and Camino Financial into our coalition. Because many Latinos have been denied opportunities to build wealth and to access credit, they are more likely to need smaller dollar loans; the type of loans that traditional lenders do not make. The economics of smaller dollar loans are highly challenging and can create pressure on lenders to use extractive practices. Fortunately, our two newest members are dedicated to ensuring that Latino business owners are able to access fair and transparent financing. We are pleased to have NALCAB, a non-profit CDFI, and Camino Financial, a for-profit fintech lender, join our efforts to bring transparency and responsible practices to the commercial financing marketplace. Their commitment shows that the responsible business lending movement is growing and will soon become the industry standard,” said Joyce Klein, RBLC Chair and Senior Director of the Business Ownership Initiative at the Aspen Institute.
“There are more than 4.37 million businesses owned by Hispanics in the United States, contributing around $700 billion per year to the national economy. Despite this, Latino business owners are frequent targets of unfair and uncouth small business lending practices. NALCAB is proud to join the Responsible Business Lending Coalition to elevate and address this critical challenge to narrowing the racial and ethnic wealth gap in our nation," said Marla Bilonick, President & CEO of NALCAB.
“Our industry is constantly evolving, but Camino Financial remains dedicated to meeting the needs of overlooked and underserved entrepreneurs and communities. That’s why we were eager to join the Responsible Business Lending Coalition to expand access to capital and serve at the forefront of leaders advocating for transparent, responsible small business lending practices,” said Sean Salas, CEO and Co-Founder of Camino Financial.
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Responsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition includes nonprofit and for-profit CDFIs, fintechs, investors, 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. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, the Aspen Institute, Camino Financial, Community Investment Management, Funding Circle, LendingClub, Opportunity Finance Network, the National Association for Latino Community Asset Builders, and Small Business Majority. For more information, visit www.borrowersbillofrights.org.
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition includes nonprofit and for-profit CDFIs, fintechs, investors, 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. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, the Aspen Institute, Camino Financial, Community Investment Management, Funding Circle, LendingClub, Opportunity Finance Network, the National Association for Latino Community Asset Builders, and Small Business Majority. For more information, visit www.borrowersbillofrights.org.
