Report Finds Mission-Based Lenders' Use of Data and Technology Expands Lending to Minority Business Enterprises and Underserved Entrepreneurs
"A new working paper by FinRegLab sheds light on efforts to scale the impact of mission-based lenders on small business lending markets. 'Transforming Small Business Credit: Technology and Data Adoption in Mission-Based Lending' dives into the adoption of technology and data in mission-based lending by community development financial institutions (CDFIs) and minority depository institutions (MDIs). Findings were derived from the experiences of five lenders that FinRegLab is studying as they pilot new lending innovations–Allies for Community Business, Ascendus, LiftFund, Ponce Bank, and Texas National Bank–as well as dozens of interviews with other mission-based lenders, intermediaries, vendors, and other stakeholders in the financial services, technology, and civil society sectors."