OAKLAND, Calif., May 3, 2019 /PRNewswire/ -- The Responsible Business Lending Coalition (RBLC), a group of non-profit and for-profit leaders and small business advocates joined together to protect main street from irresponsible small business lending, was honored by the California Reinvestment Coalition in Oakland on May 2 with a Community Heroes Award. The RBLC is being recognized for successfully leading an effort last year to pass California's SB 1235, the nation's first truth-in-lending law for small business financing.
The RBLC, working closing with partners such as California Association for Micro-Enterprise Opportunity (CAMEO), the California Reinvestment Coalition, and the Greenlining Coalition, made history by passing the first small business financial protection law of the modern era, which will afford small business borrowers in California truth-in-lending disclosure standards similar to those long enjoyed by consumers under federal law. The law was passed with broad bipartisan support and proposes a common-sense solution to the lack of price transparency in financing that small business owners can face. It requires lenders to disclose to small businesses what their financing will cost.
The Community Heroes Award was presented at the Bellevue Club at 525 Bellevue Avenue in Oakland the evening of May 2.
Members of the RBLC that supported this effort include Accion, The Aspen Institute, Community Investment Management, Funding Circle, Lending Club, Opportunity Fund and Small Business Majority. The new truth-in-lending law, SB 1235, was inspired by the Small Business Borrowers' Bill of Rights, which the RBLC created to promote win-win solutions that increase transparency and fairness by putting the rights of borrowers at the center of the lending process.
About the Responsible Business Lending Coalition
The Responsible Business Lending Coalition is a diverse association of non-profit and for-profit organizations serving small businesses that have joined together out of concern about the need for increased access to capital, and about the rise of irresponsible small business lending practices. The mission of the RBLC is to drive responsible practice in the small business lending sector. Coalition members share both a commitment to innovation in small business lending aimed at making credit more accessible, and serious concerns with the rise of predatory and irresponsible lending practices in the small business lending market. To promote responsible practices and combat abusive practices in small business lending, the coalition created the Small Business Borrowers' Bill of Rights, a cross-sector consensus on the rights that small business owners deserve in the lending process. For more information, visit http://www.borrowersbillofrights.org/
SOURCE Responsible Business Lending Coalition