Innovative fintech startups are major disruptors in the lending market, and one company just landed a heavy hitter as their CEO, bringing in more firepower to the fintech lending industry. In an announcement on Monday, the Innovative Lending Platform Association (ILPA) announced the hiring of Scott G. Stewart as the new ILPA Chief Executive Officer.
A senior financial industry lobbyist, Stewart arrives from the Financial Services Roundtable (FSR) which is considered “the leading advocacy organization for America’s financial services industry.” Stewart was upbeat and excited during his comments at the announcement: “The ILPA is the voice for responsible innovation and access to capital for small business owners, and I’m delighted to be part of that vital mission moving forward.”
In his new role as CEO at ILPA, Stewart seeks to grow the membership and promote fintech industry adoption of ILPA tools used by start-up companies. In his previous role, Stewart acted as the Senior Director for the fintech working group at the FSR, bringing a wealth of knowledge to the role from experience.
Stewart was a key figure in the FSR’s push to connect financial institutions with technology firms to solve business problems. He often recruited major tech firms personally and helped to develop “common ground for partnership on technical issues and public policy.” As an industry veteran, ILPA CEO Scott Stewart brings high expectations to his new role.
As the fintech industry continues to grow, there is certainly a role for industry associations to promote responsible business practices and influence legislators. It’s up to Stewart and his staff to chart a path towards responsible growth and solid business practices for these alternative lenders and technology firms.
ILPA represents a broad and growing industry in the online lending space. The Association promotes best practices and industry standards to help small businesses connect with better financing. The marquee ILPA project known as The SMART Box is a tool to help small business owners find the right financing terms for their business. The ILPA and their partner, the Association for Enterprise Opportunity, introduced the financing tool as “a first-of-its-kind model pricing disclosure and comparison tool focused on empowering small businesses to better assess and compare financing options.”
Small business owners often complain about the complex and obscure business loan documentation put before them by traditional commercial lenders. It’s easy to see why ILPA built this tool to promote simple comparisons and clear understanding for borrowers.
The ILPA aims to help fledgling firms and established players access new markets for innovative lending platforms. The ILPA created The SMART Box™ to assist the financing decision with easy-to-understand comparison tools. It helps owners and business managers pick the best option for their commercial loans, lines of credit, and other debt financing products.
Small businesses are inundated with new financing options today, after the explosion of online alternatives in recent years. Investments in advocacy, public education, and helpful tools such as The SMART Box™ are necessary to support the meteoric growth in the lending fintech industry.