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:
March 20, 2020
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.