Responsible Business Lending Coalition Endorses Bipartisan Resolution on Fundamental Small Business Financing Rights
Bipartisan resolution articulates the six fundamental rights that all small business owners seeking financing deserve.
Washington, D.C.—The Responsible Business Lending Coalition (RBLC), a network of for-profit and non-profit lenders, brokers and small business advocates, applauds the leadership of Representatives Dean Phillips (D-MN), William Timmons (R-SC) and Nydia Velazquez (D-NY) in introducing a bipartisan Resolution in support of the Small Business Borrowers’ Bill of Rights.
The RBLC developed the Small Business Borrowers’ Bill of Rights in 2015 based on a shared commitment to innovation in small business lending aimed at making credit more accessible, as well as serious concerns with the rise of irresponsible lending practices that threaten the survival and vitality of small businesses and the communities that depend on them. The Small Business Borrowers’ Bill of Rights represents a cross-sector consensus on the six fundamental rights that all small business owners seeking financing deserve (including transparent pricing and terms, nonabusive products, responsible underwriting, fair treatment from financing providers, brokers, and lead generators, inclusive credit access, and fair collection practices), along with the specific practices that financing providers, brokers and lead generators must abide by to uphold and protect these rights. Nearly 60 small business lenders and brokers have committed to uphold these rights, and more than 30 advocacy and support organizations have endorsed them.
Small business lending and advocacy organizations with ties to the sponsors’ districts that have joined the RBLC in endorsing the Resolution include Community Reinvestment Fund, USA (CRF), a national non-profit lender and original Signatory of the Small Business Borrowers’ Bill of Rights based in Minneapolis, Minnesota, Community Works, a Greenville, South Carolina-based small business lender and Signatory of the Rights, and the New York State CDFI Coalition, an Endorser of the Rights that represents the state’s community development financial institutions.
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About theResponsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is a network of for-profit and non-profit lenders, brokers and small business advocates that share both a commitment to innovation in small business lending aimed at making credit more accessible and serious concerns with the rise of irresponsible lending practices in the small business lending market. The coalition created the Small Business Borrowers’ Bill of Rights, a cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generatorscan 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 more than 30 advocacy and support organizations have endorsed them. For more information, visit http://www.borrowersbillofrights.org/
About Small Business Majority
Small Business Majority was founded and is run by small business owners to ensure America’s entrepreneurs are a key part of a thriving and inclusive economy. We actively engage our network of more than 58,000 small business owners in support of public policy solutions and deliver information and resources to entrepreneurs that promote small business growth. Our extensive scientific polling, focus groups and economic research help us educate and inform policymakers, the media and other stakeholders about key issues impacting small businesses and freelancers. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.