Driving Innovation in Small Business Lending

This conversation took place during our March 24 event, “Advancing Innovation and Fairness in Small Business Finance,” hosted by the Responsible Business Lending Coalition and the Aspen Institute’s Business Ownership Initiative. It features a panel discussion with Mickey Konson (Quantum Financial), Phil Goldfeder (American Fintech Council), Luz Urrutia (Accion Opportunity Fund), and moderator Jacob Haar (Community Investment Management).Ten years ago, when the Responsible Business Lending Coalition was founded, the nation was experiencing dramatic changes in the small business financing landscape, stemming in part from market adjustments after the Great Recession. Ten years later, the forces driving change are accelerating. The growth in new technologies, including AI; the aftermath of the COVID pandemic; and unprecedented growth in new small businesses starting are only some of the factors shaping the market.Yet the challenge remains: how do we harness the power of technology and innovation to drive greater prosperity and inclusion for small business owners, while ensuring that financial products support small businesses rather than undermine them?During this event, we heard perspectives from lenders, investors, policymakers, small business owners, and advocates about how to build a financing market that truly works for small businesses. The event featured three moderated conversations highlighting key trends, opportunities, and challenges in the small business financing market, followed by a reception that gave attendees the opportunity to explore this issue in greater detail with fellow stakeholders.For more information, including a transcript, speaker bios, and additional resources, visit: https://www.aspeninstitute.org/events/advancing-innovation-and-fairness-in-small-business-finance/Or subscribe to our podcast to listen on the go: https://podcasters.spotify.com/pod/show/aspeneopFor more information about the Responsible Business Lending Coalition, visit: https://www.borrowersbillofrights.org/We thank our colleagues at Community Investment Management for their generous support of this event.