Employment and Jobs

Joyce Klein Talks Small Business Loans on Money.com

January 16, 2020  • Business Ownership Initiative

Joyce Klein, director of the Business Ownership Initiative, was quoted in an article on small business loans in Money.com. Klein cautions that many lenders fail to offer fair terms or transparent practices with their clients, so business owners must be wary when evaluating their financing options. She points to the Small Business Borrowers’ Bill of Right, developed by the Responsible Business Lending Coalition, as a guidepost for entrepreneurs seeking to fund their business. Here’s a snippet of her remarks:

The best small business loans of 2020 help entrepreneurs and small business owners find the funding they need to reach their short-term goals. To acquire the ideal loan for your unique situation, however, you may need to do some legwork upfront. As you evaluate the different lenders and their products you want to make sure they follow transparent and fair business practices. The Responsible Business Lending Coalition has established the Small Business Borrowers’ Bill of Rights which sets a standard of practice for short term lenders. “If they adhere to those practices, then we think the product is responsible,” says Klein…

If you are considering refinancing a previous loan with a new one and are using the same lender, Klein recommends that you fully understand the terms of the new loan. “There’s a practice that we’ve seen called double-dipping where they will actually charge you a financing fee not only on the new money but also on the existing money you already have,” she says. Make sure you completely understand the terms and interest to be paid on the new loan. If you are unsure of the terms, look for other options.

Click here to read more. To learn more about the Small Business Borrowers’ Bill of Rights, visit borrowersbillofrights.org.


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Many lenders fail to offer fair terms or transparent practices with their clients, so small business owners must be wary when evaluating their financing options. @Aspen_BOI’s Joyce Klein shares her insights for @MONEY.

The Small Business Borrowers’ Bill of Rights (borrowersbillofrights.org) can serve as a guidepost for entrepreneurs seeking to fund their business. “If they adhere to those practices, then we think the product is responsible,” says Joyce Klein of @Aspen_BOI.


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The Business Ownership Initiative works to build understanding and strengthen the role of business ownership as an economic opportunity strategy. BOI is an initiative of the Economic Opportunities Program.

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