As lending from big banks to small businesses has plummeted (down 38% since 2006), alternative lenders have poured into the void to help entrepreneurs access growth capital.These lenders should be serving small businesses with integrity. Many are. Unfortunately, we also see deception, misdirection and predatory behavior.
We’re thrilled to see that Able, which funds businesses through its collaborative lending platform, has signed the Small Business Borrowers Bill of Rights and has activated its network of borrowers around it in a really exciting way. Together with Able, we call on OnDeck, Kabbage, CAN Capital and other major lenders to affirm fair practices and transparency on behalf of business owners looking for honest capital and authentic partnership. Has your lender signed the Bill of Rights?