PRINCETON, N.J.--(BUSINESS WIRE)--Rarely does a business desire to be regulated. Even rarer, does a start-up begin its first day of business by drafting proposed legislation for Congress to make sure the business operates ethically and competently. Yet, that is precisely how White Rose Funding launched its business.
White Rose Funding, Inc. assists small businesses in obtaining financing predominantly by providing direct loans via an online process but also by obtaining loans guaranteed by the Small Business Administration. Although White Rose Funding has established direct and indirect relations with SBA lenders, many banks refuse to review small business loan applications submitted by commercial loan brokers out of fear that the bank will receive inaccurate information. This results in a bottleneck to the access to capital envisioned by the Small Business Act. So, White Rose Funding has, as its first order of business, lobbied Congress to regulate SBA Loan Brokers to restore integrity to the system.
The proposed legislation was sent to the Honorable Tim Huelskamp, Chairman, Subcommittee on Economic Growth, Tax and Capital Access, of the House Small Business Committee. The bill would require SBA Loan Brokers to be licensed, pass exams relating to ethics in SBA lending and in competency in the Small Business Act. Further, the SBA Loan Broker could have its license suspended if its default ratio exceeds a stated threshold. White Rose Funding posted the proposed bill on its website.
Monique S. Brownlee, President, explains: “The goal is to restore confidence in the use of SBA Loan Brokers so that small businesses have greater access to capital, and the SBA, lenders, and even the Office of Inspector General, have more tools to eradicate fraud from the system.” No doubt, requesting to be regulated is an unusual start for a business. White Rose Funding believes it will benefit from focused regulation that restores confidence in SBA Loan Brokers.
WHITE ROSE FUNDING, INC. provides “Tailored Financing for Today’s Small Business.” Loans up to $150,000 can be directly obtained through its online platform. Loans in excess of $150,000 can be initiated via a stress-free on-line pre-qualification page. When appropriate, White Rose Funding can also assist in obtaining venture capital. Its website is www.whiterosefunding.com. For more information, call 1-844-WRFUNDS or contact Monique S. Brownlee at firstname.lastname@example.org.