In 2015, the Responsible Business Lending Coalition (the Coalition) launched the Small Business Borrowers’ Bill of Rights, a statement outlining lending practices that promote fairness and transparency in the small business credit market. The mission of the Coalition is to drive responsible practices in small business lending by creating awareness of predatory practices that have emerged, particularly since the Great Recession.
The Borrowers’ Bill of Rights provides information that small business owners can use to identify responsible products, and that lenders, brokers, investors and policymakers can use to identify, offer and require responsible lending products and practices.
Late last month, the Coalition released an updated version of the Borrowers’ Bill of Rights, which incorporates updates to the initial version that promote more transparency and clarify specific practices.
With this newly released version, OFN is proud to be an endorser of the Borrowers’ Bill of Rights. OFN encourages CDFIs serving small businesses to review the updated document and consider becoming signatories. Learn about becoming a signatory here or contact firstname.lastname@example.org.