Small Business Borrowers' Bill of Rights
As part of the Responsible Business Lending Coalition, Small Business Majority helped launch the Small Business Borrowers' Bill of Rights–the first-ever consensus on responsible small business lending practices.
The Small Business Borrowers’ Bill of Rights was designed to foster greater transparency and accountability across the small business lending sector. It outlines six key rights the Responsible Business Lending Coalition believes all small business borrowers deserve:
1. The Right to Transparent Pricing and Terms, including a right to see an annualized interest rate and all fees
2. The Right to Non-Abusive Products, so that borrowers don’t get trapped in a vicious cycle of expensive re-borrowing
3. The Right to Responsible Underwriting, so that borrowers are not placed in loans they are unable to repay
4. The Right to Fair Treatment from Brokers, so that borrowers are not steered into the most expensive loans
5. The Right to Inclusive Credit Access, without discrimination
6. The Right to Fair Collection Practices, to prevent harassment and unfair treatment
Any small business lender, broker, or marketplace can stand up for small businesses by attesting that they abide by all aspects of the Small Business Borrowers’ Bill of Rights on a form signed by their CEO. This form and the names of organizations that have become signatories are online at www.ResponsibleBusinessLending.org. Organizations that are not lenders, brokers, or marketplaces can simply visit the website to become endorsers of the Small Business Borrowers’ Bill of Rights.
To learn more about the Borrowers' Bill of Rights, visit www.responsiblebusinesslending.org.