The US Department of Treasury released its report, Financing Small Business: Landscape and Policy Recommendations, outlining steps the industry, federal and state government and financial regulators can take to ensure uniform and clear rules around borrowing.
In September, NALCAB participated in a Treasury roundtable seeking input. As a member of the Responsible Business Lending Coalition (RBLC), NALCAB co-authored with members of the coalition the Borrowers Bill of Rights, which the Treasury report highlights as an effective tool for small business owners.
“Small business owners struggle to find clear, consistent and accurate information about the financial products they need to grow their businesses,” Marla Bilonick, president and CEO of NALCAB, said. “We were honored to take part in Treasury’s roundtable discussion last fall to elevate this issue and share our recommendations with regulators and financial institutions. Guaranteeing that small business owners nationwide can equitably access capital, and that all lenders work from the same rulebook is a common-sense approach that ensures the vitality of our small business community. We appreciate the support and shared vision from our partners in the RBLC and we are eager for the incoming administration and congress to continue prioritizing small business issues.”
The Small Business Borrower Bill of Rights calls for:
- Inclusive credit access
- Fair treatment from brokers and lead generators
- Non-abusive financial products
- Responsible underwriting
- Transparent pricing and terms
