Small Business Borrowers’ Bill of Rights
BOI is a founding member of the Responsible Business Lending Coalition, which created the Small Business Borrowers Bill of Rights in 2015 out of concern over the emergence of predatory practices in the small business lending market. Designed to foster greater transparency and accountability across the small business lending sector, the BBoR outlines six fundamental financing rights for small businesses and identifies a set of specific practices that are required of lenders and brokers to comply with these rights. To date, more than 90 organizations have joined as signatories or endorsers.
What rights should small business borrowers have?
Along with BOI, the members of the Responsible Business Lending Coalition are Accion Community Investment Management, Fundera, Funding Circle, Lending Club, Opportunity Fund, and Small Business Majority. In addition to promoting the BBOR, BOI and the other members track developments in the small business lending market and work to educate lenders, policymakers, the media, and others about the credit needs of small businesses and the importance of responsible products. For more information on the Small Business Borrowers Bill of Rights and the work of the Responsible Business Lending Coalition, visit borrowersbillofrights.org.