New York, NY — Excelsior Growth Fund (EGF) has signed the Small Business Borrower’s Bill of Rights (https://www.responsiblebusinesslending.org/) as a sign of its strong commitment to responsible, ethical, and transparent lending practices.
“We as a mission-based small business lender are committed to strengthening standards of responsibility for small business lenders, particularly in the online lending environment. Small businesses are the key to economic growth in many of our communities and yet too many are confused or misled by hidden annual percentage rates and fees, or other questionable lending practices. Such products can limit opportunity or even damage the long term financial health and sustainability of a business. Standards of conduct such as the Small Business Borrower’s Bill of Rights, if adopted and implemented, would help create a more level playing field for businesses across the country,” said Steve Cohen, president of Excelsior Growth Fund.
Excelsior Growth Fund provides innovative financial solutions and business advisory services to underserved small businesses and markets in New York State. EGF’s core loan program is the EGF SmartLoan™, which offers competitive rates and terms, along with the convenience of a fast, streamlined process. With the easy to use online loan application, pre-qualification takes minutes; loans are approved and funded within days.
EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI).
“Excelsior Growth Fund is one of the first nonprofit Community Development Financial Institutions to implement a major online lending platform. While we believe this is a big part of the future of small business lending because of the speed and efficiency involved, we encourage all stakeholders to advocate for transparency and ethical practices, to promote those lenders that have demonstrated through action a real commitment to robust standards of conduct, and to help small business navigate the complicated world of small business finance to find responsible products that can help small businesses grow, create jobs in their neighborhoods, and help entrepreneurs realize their dreams,” said Cohen.
An initiative from the Responsible Business Lending Coalition, the Small Business Borrower’s Bill of Rights is an effort to promote responsible practice in the small business lending sector that creates an awareness of predatory practices emerging in the marketplace, and by providing information and resources that small businesses can use to grow through responsible financial practices. The Small Business Borrower’s Bill of Rights has six priorities, including the Right to Transparent Pricing and Terms, the Right to Non-Abusive Products, the Right to Responsible Underwriting, the Right to Fair Treatment from Brokers, the Right to Inclusive Credit Access, and the Right to Fair Collection Practices.
***
Excelsior Growth Fund (EGF) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. An EGF SmartLoan™ can help businesses secure working capital, refinance existing debt, purchase machinery and equipment, upgrade technology or hire staff. Excelsior Growth Fund is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). For more information, visit www.excelsiorgrowthfund.org
Small Business Majority is a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing small businesses today by driving public policy and providing entrepreneurs with the resources they need to thrive.?
For more information and for a list of signatories, visit https://www.responsiblebusinesslending.org/
