Online lenders have proliferated in recent years, some of them advertising fast money and ensnaring small businesses in costly loans they don’t understand. There’s enough frustration with online lending that even some online lenders say it’s time to rein it in. The coronavirus pandemic has threatened the existence of millions of small businesses. The survey also showed that Black- and Hispanic-owned firms were more likely to apply through online lenders than white-owned firms. Caditz-Peck and Eric Weaver, then head of the Opportunity Fund, drew up a document they called the Small Business Borrowers Bill of Rights.

Source: Huffington Post October 21, 2020 09:45 UTC