The Innovative Lending Platform Association (ILPA) and the Coalition for Responsible Business Finance (CRBF) have joined forces under the ILPA banner to represent small business online lending and servicing organizations.
CRBF members include Breakout Capital, Enova International’s The Business Backer, PayNet and Orion First Financial while ILPA’s founding organizations are OnDeck, CAN Capital and Kabbage.
“United by a shared commitment to the health and success of small businesses in America, the newly expanded ILPA is dedicated to advancing best practices and standards that support responsible innovation and access to capital for small businesses,” the ILPA said in a statement.
The former CRBF Advisory Board will serve as formal ILPA advisors. That board includes representatives from the National Federation of Independent Business, National Small Business Association, Small Business & Entrepreneurship Council, U.S. Chamber of Commerce and Association for Enterprise Opportunity.
The expanded ILPA retains the goal of advancing online small business lending education, advocacy and best practices through tools including the SMART Box, a model pricing and disclosure tool.
“As a founding member company of CRBF, The Business Backer is thrilled with the merger between the CRBF and the ILPA,” said Business Backer president and CRBF Advisory Board member Jim Salters said. “The move creates an even larger platform of industry leaders with a common voice to help ensure small businesses have access to honest and transparent funding sources.”