This conversation took place during our March 24 event, “Advancing Innovation and Fairness in Small Business Finance,” hosted by the Responsible Business Lending Coalition and the Aspen Institute’s Business Ownership Initiative. It features a panel discussion with Cailey Locklair (Maryland Retailers Alliance), Hal Martin (Federal Reserve Bank of Cleveland), Carolina Martinez (CAMEO Network), Awesta Sarkash (Small Business Majority), and moderator Louis Caditz-Peck (Responsible Business Lending Coalition).
Ten years ago, when the Responsible Business Lending Coalition was founded, the nation was experiencing dramatic changes in the small business financing landscape, stemming in part from market adjustments after the Great Recession. Ten years later, the forces driving change are accelerating. The growth in new technologies, including AI; the aftermath of the COVID pandemic; and unprecedented growth in new small businesses starting are only some of the factors shaping the market.
Yet the challenge remains: how do we harness the power of technology and innovation to drive greater prosperity and inclusion for small business owners, while ensuring that financial products support small businesses rather than undermine them?
During this event, we heard perspectives from lenders, investors, policymakers, small business owners, and advocates about how to build a financing market that truly works for small businesses. The event featured three moderated conversations highlighting key trends, opportunities, and challenges in the small business financing market, followed by a reception that gave attendees the opportunity to explore this issue in greater detail with fellow stakeholders.
For more information, including a transcript, speaker bios, and additional resources, visit: https://www.aspeninstitute.org/events/advancing-innovation-and-fairness-in-small-business-finance/
Or subscribe to our podcast to listen on the go: https://podcasters.spotify.com/pod/show/aspeneop
For more information about the Responsible Business Lending Coalition, visit: https://www.borrowersbillofrights.org/
We thank our colleagues at Community Investment Management for their generous support of this event.
About the Responsible Business Lending Coalition
The Responsible Business Lending Coalition (RBLC) is the leading cross-sector voice on small business financial protection. The coalition includes nonprofit and for-profit CDFIs, fintechs, investors, and small business advocates that share a commitment to innovation in small business lending and serious concerns about the rise of irresponsible small business lending. The coalition created the Small Business Borrowers’ Bill of Rights, the first cross-sector consensus on the rights that small business owners deserve and what financing providers, brokers and lead generators can do to uphold those rights. Over 110 small business lenders, brokers and lead generators, and advocacy organizations have endorsed these standards. Members of the Responsible Business Lending Coalition include Accion Opportunity Fund, Camino Financial, Community Investment Management, Funding Circle, LendingClub, National Association for Latino Community Asset Builders, Opportunity Finance Network, Small Business Majority, and the Aspen Institute. For more information, visit www.borrowersbillofrights.org.
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The Business Ownership Initiative works to build understanding and strengthen the role of business ownership as an economic opportunity strategy. BOI is an initiative of the Economic Opportunities Program.
The Economic Opportunities Program advances strategies, policies, and ideas to help low- and moderate-income people thrive in a changing economy. Follow us on social media and join our mailing list to stay up-to-date on publications, blog posts, events, and other announcements.
