Leading the Fight for Transparency in Small Business Lending
Visit Fundera’s interactive timeline chronicling our fight for transparency in small business lending here.
Today, at an event in Washington alongside former SBA administrator Karen Mills, and in partnership with a coalition of responsible lenders and brokers, we renewed our commitment to live by a Small Business Borrowers’ Bill of Rights.
When we launched Fundera almost two years ago, we became the first actor in the online small business lending industry to publicly and prominently display a bill of rights on our site. We did so because we believe wholeheartedly that online lending has the potential to transform how small businesses access credit, but achieving that transformation is contingent upon fostering greater transparency and accountability.
Earlier this year, we launched an industry-wide call to action for every lender and broker to live by a Small Business Borrowers’ Bill of Rights, with an op-ed in Forbes, and to align on a Broker Code of Ethics, with an op-ed in American Banker. Today marks the culmination of that call-to-action. We’re proud to have helped start this conversation — and we hope that going forward this becomes the gold standard for responsible business lending.
This effort is just one among many that we’ve launched at Fundera to realize our broader mission: to transform how America’s small business owners apply for and get credit by making their loan search simple, fair and completely transparent. Over the past year and a half, we’ve made significant progress on achieving that mission. Here’s how:
Empowering Borrowers With Tools to Make Informed Financing Decisions
We’ve launched a common application that helps borrowers apply to a vetted group of best-in-class lenders on one site. We’ve created an easy-to-use match page, which allows borrowers to compare each loan option side-by-side. And we’ve empowered borrowers with the tools they need to make informed financing decisions, including prominent APR disclosures and business loan calculators, as part of our small business lending literacy campaign “Know Before You Owe”.
Becoming America’s Most Vocal Advocate for Transparency in Online Lending
We’ve become the most vocal advocate for transparency, fairness and accountability in online lending. We know that right now unsuspecting borrowers are being taken advantage of by shady brokers and predatory lenders. That’s wrong, and that’s dangerous, and it’s got to stop. That’s why we started the conversation on what it means to be a responsible lender and commercial loan broker, and that’s why we actively brief policymakers and regulators on predatory practices, and speak so frequently about these issues at conferences and in publications like American Banker and Forbes.
In this timeline, we’ve chronicled some of our biggest milestones in our fight for transparency, helping shed light on the progress the industry is making.
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