BFS Capital joins Innovative Lending Platform Association

ILPA members have now helped more than 600,000 U.S. small businesses access over $21 billion of capital

WASHINGTON, May 17, 2019 — The Innovative Lending Platform Association (ILPA), an industry-leading association of small business online financing and service companies, today added BFS Capital and Mulligan Funding as its newest members committed to providing small businesses with fully-transparent and easy-to-understand online financing disclosures. The new members signify continued growth of one of the largest associations of online financing companies. ILPA membership has collectively provided more than $21 billion of capital to over 600,000 U.S. small businesses.

The ILPA members pioneered the SMART Box™, the industry’s gold standard for small business financing disclosure. Members commit to providing small businesses a straightforward and consistent overview of the costs associated with a loan or other financing product, including the annual percentage rate (APR), average monthly payment, “cents on dollar” amount of interest, and the total cost of capital (TCC), which reflects the “all-in” cost of the financing, including interest and any fees.

The result is a disclosure system that allows small business owners to accurately assess and compare financing products to make the best choice for their business.

“Mulligan Funding’s core values and objectives revolve around developing the kind of relationships which depend on mutual trust. We understand that trust can’t be earned without genuine transparency,” said David Leibowitz, Mulligan Funding CEO. “That’s why the ILPA, with its core focus on transparency and ethical best practices, is a natural fit for the way we do business. We know the working capital we provide is the lifeblood of many small and mid-sized businesses. It helps to create jobs across America and drive the economy forward. But, we also know that the way in which we provide that capital is often as important as the capital itself. Our partners at the ILPA share that view completely.”

“BFS Capital is committed to being both a responsible and an innovative lender. Our membership in the ILPA allows us to work with industry leaders who are dedicated to advancing standards and best practices in the critical small business lending marketplace,” said BFS Capital CEO Mark Ruddock. “As we continue to help business owners gain access to capital that fits their unique needs, we believe that clarity and transparency is critical in helping them make educated and informed financial decisions.”

“Adding the new members to the ILPA helps develop consistent disclosures for small businesses comparing financing options,” said ILPA CEO Scott Stewart. “We applaud Mulligan Funding and BFS Capital for committing to adopt fair and transparent disclosure best practices to ensure small businesses are well informed when seeking funding.”

About the ILPA

The Innovative Lending Platform Association (ILPA) is the leading trade organization representing online lending and service companies serving small businesses. United by a shared commitment to the success of small businesses in America, the ILPA advances best practices and standards that support responsible innovation and access to capital for small businesses. In 2016, the ILPA, in partnership with the Association for Enterprise Opportunity, introduced the SMART Box™, which stands for “Straightforward Metrics around Rate and Totalcost,” in 2016. The SMART Box is a first-of-its-kind model pricing disclosure and comparison tool focused on empowering small businesses to better assess and compare finance options.The SMART Box is available for broader adoption by lending platforms. Additional information about the ILPA and the SMART Box initiative is available at: