U.S. Hispanic Chamber gives endorsement to small businesses
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The United States Hispanic Chamber of Commerce recently announced their endorsement of the Small Business Borrowers’ Bill of Rights.
The Small Business Borrowers’ Bill of Rights, a product of Responsible Business Lending Coalition, is an outline of the rights that all small business owners seeking financing deserve, as well as the specific practices that lenders and brokers must adhere to in order to protect the aforementioned rights.
“The USHCC is focused on ensuring not only access to capital, but safe access to capital for Hispanic business owners,” Ramiro Cavazos, USHCC President & CEO, said in a press release detailing the endorsement. “The small business lending space is quickly crowding with bad actors—several of our local Hispanic chambers of commerce have noted the degenerative impact of predatory lenders in their regions.”
The six fundamental rights of the Bill of Rights are:
- The Right to Transparent Pricing and Term
- The Right to Non-Abusive Products
- The Right to Responsible Underwriting
- The Right to Fair Treatment from Brokers
- The Right to Inclusive Credit Access
- The Right to Fair Collections Practices
“The endorsement of the Small Business Borrowers’ Bill of Rights by the U.S. Hispanic Chamber of Commerce (USHCC) represents a critical milestone for advancing responsible business lending practices in support of more than 4.37 million Hispanic-owned businesses,” The Responsible Business Lending Coalition (RBLC) said in an email to AL DÍA.
“The USHCC's endorsement makes a strong statement in support of transparency and fairness for all business owners and will be instrumental in improving the business lending landscape for Hispanic entrepreneurs,” it continued.
The RBLC added that Hispanic businesses are becoming a more significant part of the U.S. economy, with Hispanics starting businesses at 1.5 times the rate of the general population. However, Hispanic entrepreneurs encounter unique barriers in accessing both affordable and transparently priced capital.
“It is imperative that the interests of lenders are aligned with the interests of the businesses they finance. We believe the Small Business Borrowers’ Bill of Rights is an excellent framework for lawmakers who aim to support a thriving small business community in America,” Cavazos said in the release.
The Bill of Rights was initially launched in 2015, with a commitment to innovation in small business lending and aimed to make credit more accessible.
Since the launch, nearly 60 small business lenders and brokers have committed to uphold the rights stated in the bill, and more than 30 small business advocacy and support organizations have endorsed them.
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