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New association of small lenders works on model disclosure for loan pricing comparisons

On DeckCapital Inc., Kabbage and CAN Capital have formed the InnovativeLending Platform Association to promote small business online lendingeducation, advocacy and best practices.

In partnership with microbusiness advocate Association forEnterprise Opportunity, the group will work on creating a model small businesslending disclosure called the Straightforward Metrics Around Rate and TotalCost Box, or SMART Box. The model disclosure will allow small businesses tocompare pricing of loans using a standardized chart.

The group will solicit feedback on the SMART Box initiativefrom lenders, trade associations, policymakers and nonprofit organizationsstarting in June.