WASHINGTON, D.C. – The Financial Technology Association (FTA) today released a statement applauding the publication of a final rule by the Small Business Administration (SBA) lifting the moratorium on licensing new small business lending companies (SBLC) and creating a new type of SBLC to expand access to capital for small businesses.
“Financial technology companies are a significant source of affordable credit for small businesses, accounting for nearly 60 percent of lending,” said Penny Lee, President and Chief Executive Officer of the Financial Technology Association. “Today’s final rule is an acknowledgment by the Biden Administration of fintech’s positive impact and will help ensure small businesses can take advantage of innovative tools and technology to expand access to capital.”
FTA previously urged the SBA to expand the 7(a) program so that small businesses nationwide could benefit from fintech companies’ technology-driven approach, which streamlines the application process, speeds up loan approval times, and enhances access to capital. FTA represents trusted and transparent financial technology companies that serve tens of millions of small businesses and are subject to robust state and federal licensing, registration, and compliance requirements. Learn more about FTA and its members at www.ftassociation.org.
The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the value of technology-centered financial services, advocate for modernized financial policies, and serve as an ecosystem of leading fintech companies.