Has your organization recently seen an increase in small business owners looking to refinance from high-cost debt products? OFN is seeking stories that highlight the perils of predatory lending products marketed to small business owners, and we need your help!
Recently, OFN joined the Responsible Business Lending Coalition (RBLC), whose mission is to drive responsible practices in the small business lending sector. As a member of RBLC, OFN is now part of a diverse association of nonprofit and for-profit organizations that share both a commitment to innovation in small business lending aimed at making credit more accessible, and serious concerns with the rise of predatory and irresponsible lending practices in the small business lending market.
As part of our work with the RBLC, we are looking for stories from real small business owners who have experienced predatory lending practices to help educate policymakers and stakeholders about the importance of responsible lending practices. Stories like these are invaluable to inform policymakers about the importance of responsible lending practices and to highlight the important role of mission-driven lenders.
OFN is working with our coalition partner Small Business Majority, a national small business advocacy organization and RBLC coalition member, to collect these stories via an online story bank.
If you have clients or small business owners in your networks who have experienced high-cost loans or other predatory practices and might be willing to share their story, visit the story bank today.
Small business owners can submit their stories anonymously and their information will not be shared without their explicit approval.
For more information about OFN’s work on the Responsible Business Lenders Coalition or how you can support story collection efforts, please contact Dafina Williams, VP, Public Policy.