Lending Club CEO Renaud Laplanche told members of the U.S House of Representatives last week that small businesses are a driving force in the U.S. economy and an essential part of the American Dream, but currently lack sufficient access to capital on fair terms. Renaud testified before the Subcommittee on Economic Growth, Tax and Capital Access of the Committee on Small Business of the United States House of Representatives.
Renaud’s key points were that small businesses in the U.S. today have insufficient access to credit, with the situation getting worse rather than better, and that their credit performance as a group suggests they should be getting more credit than they’re currently able to.
Lending Club is working hard to develop a low-cost solution aimed at making credit more available and more affordable for small businesses.
You can read Renaud’s full testimony here.
You can view the introduction and remarks here:
You can view the Q&A session here: