Alternative lending companies BlueVine, Fundbox and 6th Avenue Capital have joined the ILPA, an alternative small business (SMB) lending trade organization. The aim of the group is to “support fair, responsible and transparent lending practices for small businesses,” the ILPA noted, adding that the three new members are joining the group to further that initiative.
“The ILPA is dedicated to providing small businesses easy-to-understand lending information that’s relatable and informs the way they finance their business,” said ILPA Chief Executive Officer Scott Stewart in a statement. “The addition of 6th Avenue Capital, BlueVine and Fundbox to the association drives our mission forward as we endeavor to help small businesses everywhere make more meaningful and confident borrowing decisions.”
In another statement, 6th Avenue Capital CEO Christine Chang said the company is “excited” to join the ILPA to promote a “high-touch, high-tech approach” to the small business finance market.
BlueVine CEO and Founder Eyal Lifshitz said joining the ILPA will further its effort to promote “trust and clarity” in SMB finance, while Fundbox CEO and Founder Eyal Shinar said its participation in the ILPA will help to collaborate with policymakers on how FinTech can promote broader access to small business finance.
Collectively, the ILPA’s members have facilitated more than $18 million in financing to an estimated 500,000 small business borrowers, it said. The ILPA sponsored a report published earlier this year, which was co-sponsored by the Electronic Transactions Association (ETA) and the Small Business Finance Association (SBFA), finding that alternative finance platforms have provided more than $3.9 billion in loans last year alone, up from $2.6 billion in 2016.
“On average, for every $1 lent to small businesses, sales of small business borrowers increased by $2.31,” the ETA added in a statement at the time.