Online Lenders Ask Congress For Capital For Help and To Help

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financial innovation now letter to congressMembers 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

Last modified: March 20, 2020

Category: Online Lending


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