Innovative Lending Platform Association promoting transparency
A representative of one of the founding companies behind the Innovative Lending Platform Association said their efforts are helping consumers make sense of what can be a confusing sea of lending options.
OnDeck vice president of external affairs and general counsel Daniel Gorfine said OnDeck, Kabbage and Can Capital came together in partnership with with the Association for Enterprise Opportunity to help small business owners make apples to apples comparisons between a variety of products, each with their own merits and situations where they are the best options for customers. Daniel Gorfine
“There are lots for products which serve the needs of small business owners, but all have different characteristics,” Mr. Gorfine explained. “The way they are explained and their pricing metrics presented are done in different ways.”
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Small business lenders unite
OnDeck, Kabbage, and CAN Capital have formed the Innovative Lending Platform Association (ILPA), a move designed to solidify the industry’s image. Education, advocacy and best practices will be priorities.
An early focus is the creation of the SMART Box. Standing for Straightforward Metrics Around Rate and Total Cost, the SMART Box, launched in partnership with the Association for Enterprise Opportunity, will promote term and tool standardization.
Stakeholders can learn more and help refine the concepts by visiting www.innovativelending.org.
In June the ILPA begins a 90-day national engagement period where they will solicit feedback from associations, policy makers, lenders and other organizations. In September the ILPA will ask interested players to voluntarily adopt or support their model disclosure.