Fintech Coalition Letter to Congress (March 24, 2020)

Summary

An industry coalition advocacy letter dated March 24, 2020 to Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy. The letter asks Congress to pass legislation giving the Treasury Department the flexibility to inject upwards of $500 billion in discretionary funding into small businesses through financial institutions, online lenders, payroll processors and other companies. It supports stimulus text that would let small business non-bank lenders advance capital within hours and cites Homebase data that hourly workers worked 59% fewer hours than a year earlier. It is co-signed by 30 executives across 25 fintech and small business companies, including OnDeck, Kabbage, Lendio and Plaid.

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Full text

# Fintech Coalition "Letter to Congress" — Request to Approve up to $500B in Small-Business Funding
**Source:** Coalition letter co-signed by 30 executives across 25 fintech/SMB companies. Hosted publicly by OnDeck and by Womply.
**Date:** 2020-03-24
**Addressed to:** Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, Speaker Nancy Pelosi, House Minority Leader Kevin McCarthy
**Document Type:** Industry coalition advocacy letter
**Provenance:** Publicly available. Verified verbatim from two primary hosts — OnDeck (`https://www.ondeck.com/press-releases/congress-letter`) and Womply (`https://www.womply.com/press/letter-to-congress/`). Imported 2026-06-22.

> Count note: OnDeck's release describes the group as "OnDeck, and 21 fintech companies." The published signature block actually lists **30 individual signatories across 25 distinct companies** — a discrepancy worth flagging (the "21" undercounts). See the dossier in `research/fintech-coalition-letter-2020/`.
>
> Organizer note: the letter itself names no organizer or convener. The signature block is alphabetical by company (Biz2Credit first, Womply last), so signature order carries no information about who assembled it. "OnDeck's letter" is OnDeck's own press framing; Womply published the identical letter on its own press page, and both Womply principals signed. On the public record, the question of who organized the letter is open.

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## Full text (verbatim)

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.

1. 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.
2. 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.
3. 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 businesses nationwide.

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.

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## Signatories (verbatim, as published)

| # | Name | Title | Company |
|---|---|---|---|
| 1 | Rohit Arora | Co-Founder & CEO | Biz2Credit |
| 2 | Mark Ruddock | CEO | BFS Capital |
| 3 | Eyal Lifshitz | Founder & CEO | Bluevine Capital Inc. |
| 4 | Ryan Rosett | Co-CEO | Credibly |
| 5 | Jim Granat | SVP Head of Small Business | Enova International |
| 6 | Max Rhodes | Co-Founder & CEO | Faire |
| 7 | Victor Ho | Co-Founder & CEO | FiveStars |
| 8 | Matt Doka | Co-Founder | FiveStars |
| 9 | Eyal Shinar | Founder & CEO | Fundbox |
| 10 | Jared Hecht | Co-Founder & CEO | Fundera |
| 11 | Aman Thakral | Co-Founder | FundRocket |
| 12 | Bernardo Martinez | U.S. Managing Director | Funding Circle |
| 13 | Alex Kinnier | Co-Founder & CEO | GetUpside |
| 14 | John Waldmann | Co-Founder & CEO | Homebase |
| 15 | Rushi Patel | Co-Founder | Homebase |
| 16 | Kathryn Petralia | Co-Founder | Kabbage |
| 17 | Robert Frohwein | Co-Founder | Kabbage |
| 18 | Doug Lebda | Founder & CEO | LendingTree |
| 19 | Brock Blake | Founder & CEO | Lendio |
| 20 | Kyle Mack | Co-Founder & CEO | Middesk |
| 21 | Noah Breslow | CEO | OnDeck Capital |
| 22 | Zach Perret | Co-Founder & CEO | Plaid |
| 23 | Allison Page | Founder & CPO | SevenRooms |
| 24 | Joel Montaniel | Co-Founder & CEO | SevenRooms |
| 25 | Stuart Wall | Co-Founder & CEO | Signpost |
| 26 | Zach Goldstein | Co-Founder & CEO | Thanx |
| 27 | Marwan Forzley | CEO | Veem |
| 28 | Mike Vichich | Co-Founder & CEO | Wisely |
| 29 | Cory Capoccia | Co-Founder & President | Womply |
| 30 | Toby Scammell | Founder & CEO | Womply |

**25 companies:** Biz2Credit · BFS Capital · Bluevine · Credibly · Enova International · Faire · FiveStars · Fundbox · Fundera · FundRocket · Funding Circle · GetUpside · Homebase · Kabbage · LendingTree · Lendio · Middesk · OnDeck · Plaid · SevenRooms · Signpost · Thanx · Veem · Wisely · Womply.

## Primary sources
- OnDeck press release: https://www.ondeck.com/press-releases/congress-letter
- Womply hosting: https://www.womply.com/press/letter-to-congress/

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