Can small businesses benefit from fintech too?

Despite what Hollywood teaches us, technology is not an objective bystander to history. Quite the opposite. Technology imbibes the attitude and biases of the human beings and systems that create it, and in the financial world, this means that Wall Street fintech (financial technology) absorbs the classic Wall Street mentality and biases for making “objective” financial decisions. This of course doesn’t bode well for the small businesses and underserved communities on Main Street who are feeling the squeeze from COVID and a market logic that capitalizes on players who are already ‘winning’ the game. As smaller, supposedly ‘good’ capital providers like CDFIs adopt more advanced platforms to serve their users, is there any hope they can avoid these built-in biases? On this episode of Renegade Capital, we talk to David Taliaferro (pronounced ‘tah-liv-er’) who co-founded a lending platform that aims to accomplish exactly that.

About David.

David Taliaferro (pronounced ‘tah-liv-er’) is the Co-Founder and CEO of Lenderfit, a software platform that makes it easier for Lenders to work with small business loan applicants. Prior to Lenderfit he was a Principal at Access Ventures, creating and implementing access to capital solutions with innovative risk mitigation strategies. In January of 2014, he became a Fellow with the non-profit organization called Kiva which facilitates crowdfunded micro-loans for entrepreneurs in the United States and around the world. David's chief goal in his work is helping to increase access to equitable capital for entrepreneurs across the nation, which he accomplishes by offering a better class of tech platform for those who need it. Our thanks go out to David for sharing his approach with our listeners and to Lenderfit for sponsoring Renegade Capital.

A renegade not only listens but acts. We've consolidated a few tips from this episode to help you make a difference. 

Help demystify the lending process: If you are a lender, consider working with intermediaries like Lenderfit that connect you to the borrowers you’d like to support. CDFIs in particular, have a great opportunity to expand their ability to reach borrowers without further straining already limited resources.Seek out tech for good: Lenderfit is just one of the growing number of companies seeking to use technology to increase access to capital and create social good. Look for opportunities in your own work to support tech platforms that drive positive impact. Support small businesses: Supporting small businesses with your dollars and voice can improve their chances of securing a critical loan. Take the time to find local businesses in your area for your favorite products, activities, and services. 

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