Why OnDeck Didn’t Sign The Small Business Borrowers Bill of Rights
Recent media reports attempting to spin OnDeck’s loan programs in a negative light have been quick to point out that they have not signed on to the Small Business Borrowers Bill of Rights. There’s apparently an obvious reason for that, they weren’t invited to participate in the drafting of it…
In a recent interview with Lend Academy’s Peter Renton, Breslow addressed this even further. “I think if you look at the actual principles and the way the document is written, there is a clear bias towards longer term loans in the document,” Breslow told Renton, pointing out that the group is a small circle of lenders that focuses on 3-year loans. “We don’t think a three-year product is appropriate for many types of small businesses out there, but if you can’t get access to a long term loan we don’t think that means you shouldn’t get a loan at all,” he added. “So what we’d love to see either in the BBOR or some other industry standard that you might see developing over the next year is a broader perspective on what types of financing businesses should have access to and to be clear, we’re very supportive over time, kind of inclusive industry standards that encompass the range of products that we think small businesses should have access to and that access should be fair, efficient and transparent.”
You can listen to the entire interview which covers many more topics below:
Renton is a co-founder of the LendIt conference, the biggest marketplace lending event of the year. If you haven’t secured tickets yet to the April conference in San Francisco, you should sign up here before it’s too late. Last year the conference was completely sold out.Last modified: January 21, 2016
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.