Alt-Lending Group Adds Muscle From Congress

The Small Business Finance Association (SBFA) has tapped new leadership, according to a Monday (Dec. 14) announcement.

The not-for-profit group that represents alternative small business lenders has named Stephen Denis as its new executive director; Denis joins the SBFA after serving as the deputy staff director of the House Committee on Small Business.

In a statement, SBFA incoming President David Goldin, who is also the CEO of alternative lending platform Capify, noted Denis’ congressional experience as an asset to the group.

“We felt it was time to bring on an experienced Capitol Hill veteran to make SBFA the leading voice for alternative small business finance in Washington,” Goldin stated.

[bctt tweet=”‘It was time to bring on an experienced Capitol Hill veteran to SBFA.'”]

Denis joins the group at a time when regulators and government bodies are beginning to take a closer look at the alternative lending industry. The U.S. Treasury has sought comment from the sector’s players about its practices, while only days ago reports emerged that California policymakers have launched their own probe of the online small business lending space.

In the SBFA’s announcement, the group noted that its recent growth means it needs a stronger presence in the nation’s capitol. Denis noted the shifting landscape of the market.

“The innovative companies that are disrupting the way small businesses access capital are creating opportunities for economic growth,” offered Denis in a statement. “Traditional finance is changing out of necessity for small businesses, and SBFA’s mission is to be the voice of the alternative financing industry for small businesses and establishing industry best practices and education.”