Watch the House Subcommittee Hearing on Fintech and Online Small Business Lending
deBanked streamed the small business subcommitte hearing that took place at 10AM EST in Room 2360 of the Rayburn House Office Building on October 26th. If it’s not loading below, you can watch it at: House Small Committee website.
Kate Fisher, a partner at law firm Hudson Cook, testified on behalf of the Commercial Finance Coalition. As described in her prepared written testimony, “CFC member companies offer fair and innovative alternatives to bank term loans and have stepped in to provide capital to small businesses when larger, traditional banks stopped providing such financing. CFC member companies primarily offer Merchant Cash Advance (‘MCA’) factoring products. An MCA allows small businesses to access funds for, as an example, a seasonal inventory surge or to replace an unexpected major equipment failure. CFC members provide financing between $10,000 and $500,000 to qualified small businesses.”
The CFC’s Spring Fly-in was covered back in June when the group met with 26 members of Congress and senior staff. The group was reportedly back in Washington again this week to educate members of the House Small Business Committee about MCAs and alternative finance. We will provide more information as it becomes available.Last modified: October 29, 2017