Growing small business funder joins industry leaders to help drive main source of job creation in the U.S.
New York City - September 20, 2018 - 6th Avenue Capital, LLC (“6th Avenue Capital”), a leading provider of choice for alternative small business funding, announced today the company has joined the Innovative Lending Platform Association (ILPA) and the Small Business Finance Association (SBFA).
Thus far, 6th Avenue Capital is the only alternative funder to join both organizations.
The ILPA’s membership includes such online industry leaders as Kabbage, OnDeck, BreakOut Capital, Lendio and more. The SBFA membership includes alternative funders such as Elevate, Fora Financial, RapidAdvance, Strategic Funding and more. Both organizations are focused on delivering more transparency to alternative funding and to ensuring that Main Street small businesses have access to responsible funders and the capital they need to grow.
Small businesses are the main source of new job creation. Since 1995, small businesses have created two out of every three net new jobs for the U.S. economy and represent over 99% of U.S. companies.1
Key membership benefits and reasons cited by 6th Avenue Capital for joining both the ILPA and SBFA include opportunities to:
Work with other thought leaders in the industry to drive small business growth;
Build transparency and understanding around Automated Clearing House (ACH) funding and how it can be a bridge to traditional financing;
Share industry best practices around topics such as cyber security, privacy and fraud to reduce risk and increase funding;
Participate in and fund research to gain additional insight into small businesses and their financing needs;
Join peers to ensure industry representation at the federal and state level.
“Online funding grew more than 50 percent from 2015 to 2017,2 and 6th Avenue Capital is proud to be part of this growth,” said Christine Chang, Chief Executive Officer. “We look forward to working with the ILPA and SBFA to build awareness and transparency about how alternative funding can help small businesses bridge the gap to traditional funding.”
“Small business growth is fueled by access to funds. 6th Avenue Capital is committed to helping small businesses grow with fast, secure and equitable access to capital,” said Darren Schulman, President. “We’re delighted to be members of the ILPA and SBFA and work closely with members of both Associations to spur small business growth.”
For more information, please contact Gary Lockwood at bizsuccess@6thAveCap.com. 6th Avenue Capital looks forward to discussing partnership opportunities and meeting in person at deBanked in San Diego on October 4th and the NACLB in Miami on October 16 - 18th.
About 6th Avenue Capital
6th Avenue Capital is changing the small business financing landscape, providing fast, secure and equitable access to working capital. A leading provider in alternative financing, 6th Avenue Capital offers ACH Advances (also known as Merchant Cash Advances), a lump sum payment in exchange for a portion of future receivables at a discounted price. The company is rooted in three pillars: choice, expertise and results. 6th Avenue Capital's team of industry veterans provides quick access to short-duration funding, up to $500K, with convenient repayment options (daily, twice weekly, and weekly). With 6th Avenue Capital's ACH Advances, small businesses can access funding within 24-48 hours, with no full personal guaranties. All from a company that is committed to the highest operating standards and high touch merchant servicing, including a policy of direct merchant access to underwriters. For more information, visit www.6thAvenueCapital.com.
About the IPLA
The Innovative Lending Platform Association (ILPA) is a leading trade organization representing a diverse group of online lending and service companies serving small businesses. United by a shared commitment to the health and success of small businesses in America, the ILPA is dedicated to advancing best practices and standards that support responsible innovation and access to capital for small businesses. Members include: Kabbage, OnDeck, BreakOut Capital, Lendio and more.
About the SBFA
The Small Business Finance Association (SBFA) is a non-profit advocacy organization dedicated to ensuring Main Street small businesses have access to the capital they need to grow and strengthen the economy. The SBFA's mission is to educate policymakers and regulators about technology-driven platforms emerging in the small business lending market and how our member companies bridge the small business capital gap using innovative financing solutions.
U.S. Bureau of Labor Statistics. 2017. “Business Employment Dynamics.” U.S. Department of Labor. https://www.bls.gov/web/cewbd/table_g.txt
NDP Analytics, The Economic Benefits of Online Lending to Small Businesses and The U.S. Economy, May 2018