Online Lenders Ask Congress For Capital For Help and To Help

Members of Financial Innovation Now (FIN) have called on senior members of Congress to play a role in supporting small businesses with capital support and by loan distribution. Among their suggestions are:

• To direct Treasury to provide conditional capital to alternative lenders
• Permit these non-bank lenders to disburse loans, including via partnership with financial institutions
• Allocate a portion of funds for distribution via these lenders

FIN’s members include Amazon, Apple, Google, Intuit, PayPal, Square, and Stripe.

The organization also said:

An emergency Treasury facility will get funding to small businesses in a timely manner. FIN welcomes Congressional efforts to dramatically streamline Small Business Administration loans and include alternative lenders in this process as well.

Full letter to Congress here