NEW YORK, N.Y., March 24, 2020 – OnDeck, and 21 fintech companies, today asked Congress to approve upwards of $500 billion in funding to small businesses during the coronavirus pandemic and said they stand ready to assist in deploying the financing via their proven transparent networks.
Dear Majority Leader McConnell, Minority Leader Schumer, Speaker Pelosi and Minority Leader McCarthy:
We thank you for your leadership in the Congress and your tireless efforts to address the unprecedented global COVID-19 pandemic. Passage of the Families First Coronavirus Response Act last week was a major step in supporting the millions of Americans impacted by COVID-19.
- We believe there is more to be done and it is essential that Congress acts immediately to stabilize the economy and support America’s small businesses and workers, who are facing a grave threat to their survival.This crisis is urgent, and a swift solution is crucial. Layoffs are already affecting vast numbers of American workers. Hourly workers worked 59% fewer hours last Saturday than they did on the same day last year (per Homebase). Every hour, more people will be laid off and more companies will face closure or bankruptcy.
- It is imperative for the continued success of our nation’s small businesses and economy that Congress comes together and acts as a united force. The stimulus bill must be passed immediately, and we strongly support the text released this past weekend that would allow small business non-bank lenders to quickly advance capital to struggling businesses within hours rather than weeks.
- The private sector is ready to help including with data, expertise, and engineering resources. We seek no gain from this crisis. Our only aim is to protect the millions of small businesses that we are proud to call our customers.
We ask that you act decisively,
with one united voice, by supporting legislation that provides the Treasury
Department with the flexibility needed to inject upwards of $500 billion in
discretionary funding into small businesses. This will allow financial
institutions, credit unions, online lenders, payroll processors, and other
financial services and technology companies to provide a critical lifeline to
Our companies stand ready to support you and the American economy. We ask that you provide a path forward to help mitigate this national crisis in small businesses hour of need.
Co-Founder & CEO, Biz2Credit
CEO, BFS Capital
Founder & CEO, Bluevine Capital Inc.
SVP Head of Small Business, Enova International
Co-Founder & CEO, Faire
Co-Founder & CEO, FiveStars
Founder & CEO, Fundbox
Co-Founder & CEO, Fundera
U.S. Managing Director, Funding Circle
Co-Founder & CEO, GetUpside
Co-Founder & CEO, Homebase
Founder & CEO, LendingTree
Founder & CEO, Lendio
Co-Founder & CEO, Middesk
CEO, OnDeck Capital
Co-Founder & CEO, Plaid
Founder & CPO, SevenRooms
Co-Founder & CEO, SevenRooms
Co-Founder & CEO, Signpost
Co-Founder & CEO, Thanx
Co-Founder & CEO, Wisely
Co-Founder & President, Womply
Founder & CEO, Womply