OnDeck and 21 Fintech Companies' Letter to Congress (March 24, 2020)

Summary

A letter dated March 24, 2020 from OnDeck and 21 fintech companies to Majority Leader McConnell, Minority Leader Schumer, Speaker Pelosi and Minority Leader McCarthy, asking Congress to approve upwards of $500 billion in funding to small businesses during the coronavirus pandemic. It urges immediate passage of the stimulus bill and supports text that would allow small business non-bank lenders to advance capital to struggling businesses within hours rather than weeks. Citing Homebase, it says hourly workers worked 59% fewer hours last Saturday than on the same day a year earlier. The signatories include executives of Biz2Credit, Bluevine Capital Inc., Fundbox, Kabbage, LendingTree, Lendio, OnDeck Capital and Plaid.

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Full text

Letter to Congress

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
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.

Sincerely,

Rohit Arora, Co-Founder & CEO, Biz2Credit

Mark Ruddock, CEO, BFS Capital

Eyal Lifshitz, Founder & CEO, Bluevine Capital Inc.

Ryan Rosett, Co-CEO, Credibly

Jim Granat, SVP Head of Small Business, Enova International

Max Rhodes, Co-Founder & CEO, Faire

Victor Ho, Co-Founder & CEO, FiveStars

Matt Doka, Co-Founder, FiveStars

Eyal Shinar, Founder & CEO, Fundbox

Jared Hecht, Co-Founder & CEO, Fundera

Aman Thakral, Co-Founder, FundRocket

Bernardo Martinez, U.S. Managing Director, Funding Circle

Alex Kinnier, Co-Founder & CEO, GetUpside

John Waldmann, Co-Founder & CEO, Homebase

Rushi Patel, Co-Founder, Homebase

Kathryn Petralia, Co-Founder, Kabbage

Robert Frohwein, Co-Founder, Kabbage

Doug Lebda, Founder & CEO, LendingTree

Brock Blake, Founder & CEO, Lendio

Kyle Mack, Co-Founder & CEO, Middesk

Noah Breslow, CEO, OnDeck Capital

Zach Perret, Co-Founder & CEO, Plaid

Allison Page, Founder & CPO, SevenRooms

Joel Montaniel, Co-Founder & CEO, SevenRooms

Stuart Wall, Co-Founder & CEO, Signpost

Zach Goldstein, Co-Founder & CEO, Thanx

Marwan Forzley, CEO, Veem

Mike Vichich, Co-Founder & CEO, Wisely

Cory Capoccia, Co-Founder & President, Womply

Toby Scammell, Founder & CEO, Womply

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