Alternate Finance Association Membership
Technically these groups are an association: "an organization of people with a common purpose and having a formal structure." In reality, and by their own admission, they are more an association of "lobbyists": "...trying to influence legislation on behalf of a special interest."
One thing they have in common is a very small number of members; anywhere from three to eight, although they are trying to attract new members.
Coalition for Responsible Business Finance (CRBF) states, "The business sector of "alternative" or "innovative" or “non-traditional” funding mechanisms has emerged as a reliable source of capital for small businesses in the United States. The Coalition for Responsible Business Finance (CRBF) helps ensure that this sector rises in prominence and thrives without undue state and federal regulatory burdens. The work of CRBF proactively protects and enhances the reputation of the industry by bringing leaders in the small business community together with small business lenders and advocating their shared desire to increase access to capital for small business."
An Advisory Board is listed (http://www.responsiblefinance.com/) but
no members are listed at this time http://www.responsiblefinance.com/).
However, staff is mentioned with Tom Sullivan, Executive Director:
"Tom Sullivan is an attorney in the government relations practice of Nelson Mullins Riley & Scarborough, LLP in Washington, DC. Tom runs the Small Business Coalition for Regulatory Relief (www.SBCRR.org) and represents several clients including the National Federation of Independent Business."
"Nicholas N. Owens is the CEO of Magnolia Strategy Partners, a bipartisan government relations and corporate strategic counseling firm. As a senior executive in the federal government, Owens was appointed as the fifth National Ombudsman for the U.S. Small Business Administration."
Commercial Finance Coalition (CFC) has hired two reportedly well-established lobbying groups. The group reportedly has 20 members. They describe themselves as "a not-for-profit alliance of innovative financial technology companies that are working together to deploy capital to help small and mid-sized businesses grow… CFC members include lenders, commercial finance brokers, payment processors, data providers, merchant cash advance companies and recovery agencies."
Financial Innovation Now was formed to "lobby for policies important to the growing electronic payments sector." In their mission, it includes "... expanding the market for online commerce and lending and improving access for underserved populations." Members are involved in loans and leases, including Amazon, Apple, Google, Intuit, and PayPal. The executive Director of the coalition, Brian Peters, is also a staffer at tech lobbying powerhouse the Franklin Square Group.
Founded by what their press release calls "The nation's three largest online small business lending platforms – OnDeck® (NYSE: ONDK), Kabbage, and CAN Capital."
The ILPA press release states, "Beginning in June 2016, the Innovative Lending Platform Association will commence a 90-day ‘"national engagement period’ in which it will seek feedback on the SMART Box initiative from interested lenders, trade associations, policymakers, and non-profit organizations. In September 2016, the Innovative Lending Platform Association will encourage those interested in promoting the responsible development of the small business lending industry to voluntarily adopt or support the model disclosure."
"The Innovative Lending Platform Association is focused on advancing small business online lending education, advocacy, and best practices."
The new association is aligned with the Association for Enterprise Opportunity (AEO), “For twenty-five years, AEO and its more than 450 member organizations have helped millions of entrepreneurs contribute to economic growth while supporting themselves, their families and their communities. AEO members and partners include a broad range of organizations that provide capital and services to assist underserved entrepreneurs in starting, stabilizing and expanding their businesses. Together, we are working to change the way that capital and services flow to underserved entrepreneurs so that they can create jobs and opportunities for all."
The Innovative Lending Platform Association is seeking members:
Marketplace Lending Association (MLA) was launched by the CEOs of Funding Circle, Lending Club and Prosper. Reportedly between the three, about $20 billion has been loaned out, and analysts predict that, by 2020, the marketplace lending sector could represent assets totaling around $122 billion. The new association is aimed at promoting responsible business practices and “sound public policy.” The website states they are looking for members.
One of the earlier groups is now called the Small Business Finance
Association (SBFA), who have hired an experienced "lobbyist," Stephen "Steve" Dennis. Members to date include bizfi, bfscapital, Capify, Capital for Merchants, eleveante Funding, Fora Financial, GRP Funding, Merchant Capital Sources, Merchants Capital Access, NextWave Funding, Principis Capital, Rapid Advance, Retail Capital, Strategic Funding, Swift Capital, Yalber. By the dues set-up, this is not for individual members, but more for access to Washington.
“"We felt it was time to bring on an experienced Capitol Hill veteran to make SBFA the leading voice for alternative small business finance in Washington," said incoming President of SBFA and Chief Executive Officer of Capify, David Goldin. "It is time to come together as an industry to ensure we have a strong and unified voice on behalf of the small businesses we serve."