Daily News: March 7, 2017

Fintech Lender Trade Associations Merge to Form ILPA

The Innovative Lending Platform Association (ILPA) and the Coalition for Responsible Business Finance (CRBF) are merging and will operate as the ILPA – the trade organization representing online lending and service companies serving small businesses.

Joining ILPA’s existing members, OnDeck, Kabbage and CAN Capital, are CRBF member companies Breakout Capital, Enova International’s The Business Backer, PayNet and Orion Capital.

The newly expanded ILPA is dedicated to advancing best practices and standards that support responsible innovation and access to capital for small businesses.

National small business organizations that formerly served as the CRBF advisory board will now represent small business customers as formal advisors to the ILPA. The advisory board includes individuals from the National Federation of Independent Business (NFIB), the National Small Business Association (NSBA), the Small Business & Entrepreneurship Council (SBE Council), the U.S. Chamber of Commerce and new representatives from the Association for Enterprise Opportunity (AEO).

The expanded ILPA remains committed to advancing online small business lending education, advocacy and best practices. CRBF launched in January 2016 with the mission of creating a concrete code of ethics for the industry and to educate policymakers on the value of non-bank small business financing. The organization outlined responsible and transparent business practices for providers and customers. The expanded ILPA has leveraged that work to formulate an updated industry code of ethics that will guide the ILPA moving forward.

“Fostering responsible innovation and empowering small businesses to better assess and compare finance options are priorities for the ILPA. We are delighted to join forces with the CRBF as we work together to advance small business online lending education, advocacy and best practices,” said Noah Breslow, CEO, OnDeck. “We are proud to be part of this growing cross-sector effort to help improve capital access on behalf of small businesses across the U.S.”

Together, the members of the expanded ILPA have provided access to more than $14 billion in capital to small businesses to help drive growth and hiring.