On July 13, 2022, Business Ownership Initiative Senior Director Joyce Klein testified at a congressional hearing on Fintech and Transparency in Small Business Lending. This is a portion of her remarks to the House Small Business Subcommittee on Oversight, Investigations, and Regulations. Videos in this series include:
- How to Make Small Business Loans Accessible and Fair
- What Is the Small Business Borrowers’ Bill of Rights?
- We Need Borrower Protections for Small Businesses, Too
- Why Small Businesses Are Susceptible to Predatory Lending
- Here’s How a Federal Truth-in-Lending Law Would Work
Tweet “It’s vital that when small business owners seek financing, they have the information to fully understand the costs and the terms of each offer, to compare across those products, and make the best choice for their business.”
Tweet Joyce Klein (Senior Director @Aspen_BOI and Exec Committee Chair @TheRBLC) explains the need for borrower protections for small businesses at a congressional hearing. Here is a clip of her remarks to the @HouseSmallBiz Committee.
Tweet Video: “We Need Borrower Protections for Small Businesses, Too.” Featuring Joyce Klein (Senior Director @Aspen_BOI, Executive Committee Chair @TheRBLC) speaking to @HouseSmallBiz.
About the Responsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition includes nonprofit and for-profit CDFIs, fintechs, investors, and small business advocates that share a commitment to innovation in small business lending and serious concerns about the rise of irresponsible small business lending. The coalition created the Small Business Borrowers’ Bill of Rights, the first cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generators can do to uphold those rights. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, Camino Financial, Community Investment Management, Funding Circle, LendingClub, National Association for Latino Community Asset Builders, Opportunity Finance Network, Small Business Majority, and the Aspen Institute. For more information, visit www.borrowersbillofrights.org.
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.
The Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. Follow us on social media and join our mailing list to stay up-to-date on publications, blog posts, events, and other announcements.