Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses
How can more small businesses get access to capital?
That’s the challenge that Lending Club and other leaders in market lending and microfinance who joined U.S. Senator Cory Booker (D-NJ) discussed at last week’s roundtable series at Rutgers University’s business school. Leaders of ten companies innovating small business financing, including Jeff Bogan, (SVP, Head of the Institutional Group), joined Senator Booker at the New Models to Improve Access to Capital Summit to discuss how technology combined with new lending platforms can help solve the challenges small businesses face when traditional banks can’t or won’t lend to them.
Panelists discussed how new lending platforms are transforming the small business credit landscape by improving the speed and efficiency of getting a loan, creating options with lower costs, and providing more transparency around loan terms and interest rates. They also shared guidance on what small business owners should consider when taking a loan, including what lenders are evaluating when they lend to small businesses, and how small businesses should evaluate interest rates and terms to find the most competitive option that best fits their business needs.
Watch the opening remarks from U.S. Small Business Administrator Maria Contreras-Sweet and the full panel discussion hosted by Senator Booker here: http://www.booker.senate.gov/access/