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BFS Capital News

BFS Capital and Mulligan Funding Join Innovative Lending Platform Association

May 23, 2019

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), anindustry-leading association of small business online financing and service companies, todayadded BFS Capital and Mulligan Funding as its newest members committed to providing smallbusinesses with fully-transparent and easy-to-understand online financing disclosures. The newmembers signify continued growth of one of the largest associations of online financingcompanies. ILPA membership has collectively provided more than $21 billion of capital to over600,000 U.S. small businesses.

The ILPA members pioneered the SMART Box™, the industry’s gold standard for smallbusiness financing disclosure. Members commit to providing small businesses a straightforwardand consistent overview of the costs associated with a loan or other financing product, includingthe annual percentage rate (APR), average monthly payment, “cents on dollar” amount ofinterest, 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 andcompare financing products to make the best choice for their business.

“Mulligan Funding’s core values and objectives revolve around developing the kind ofrelationships which depend on mutual trust. We understand that trust can’t be earned withoutgenuine 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 dobusiness. We know the working capital we provide is the lifeblood of many small and mid-sizedbusinesses. It helps to create jobs across America and drive the economy forward. But, we alsoknow that the way in which we provide that capital is often as important as the capital itself. Ourpartners at the ILPA share that view completely.”

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

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

About the ILPA
The Innovative Lending Platform Association (ILPA) is the leading trade organizationrepresenting online lending and service companies serving small businesses. United by a shared commitment to the success of small businesses in America, the ILPA advances bestpractices and standards that support responsible innovation and access to capital for smallbusinesses. 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 comparisontool focused on empowering small businesses to better assess and compare finance options.The SMART Box is available for broader adoption by lending platforms. Additional informationabout the ILPA and the SMART Box initiative is available at: