On Monday, the Innovative Lending Platform Association (ILPA) and the Coalition for Responsible Business Finance (CRBF) they are joining forces and will now operate as one new trade organization that represents a diverse group of online lending and service companies serving small businesses. It was revealed the expansion of the ILPA follows a period of broad stakeholder engagement and a demonstrated shared commitment to serving small businesses.
The organizations revealed that those joining ILPA’s existing members, OnDeck (NYSE: ONDK), Kabbage, and CAN Capital, are CRBF member companies Breakout Capital, Enova International’s The Business Backer, PayNet and Orion First Financial. It was also noted that small business organizations that formerly served as the CRBF Advisory Board will now represent small business customers as formal advisors to the ILPA. The advisory board will include individuals from the National Federation of Independent Business (NFIB), the National Small Business Association (NSBA), the Small Business & Entrepreneurship Council (SBE Council), the U.S. Chamber of Commerce, and new representatives from the Association for Enterprise Opportunity (AEO).
Speaking about the new organization, CEO of OnDeck, Noah Breslow, stated:
“Fostering responsible innovation and empowering small businesses to better assess and compare finance options are priorities for the ILPA. We are delighted to join forces with the CRBF as we work together to advance small business online lending education, advocacy and best practices. We are proud to be part of this growing cross-sector effort to help improve capital access on behalf of small businesses across the United States.”
Carl Fairbank, founder and CEO of Breakout Capital, also commented:
“The combination of these leading organizations represents a landmark moment in the industry, signifying how major players in the small business lending space are increasingly aligned on values and best practices that benefit small businesses. Founded on the fundamental principles of responsible lending, education and transparency, Breakout Capital is thrilled to partner with other premier players in the industry who share our vision and believe that a unified industry voice can promote small business success more effectively.”
The organizations added that the members of the expanded ILPA has already provided access to more than $14 billion dollars in capital to small businesses to help drive growth and hiring.