New board structure to promote industry innovation, standards, and policy initiatives
TORONTO, Nov. 12, 2019 /CNW/ - The Canadian Lenders Association (CLA) today announced Neil Wechsler, CEO of leading online small business lender, OnDeck Canada, as the new Chair of the CLA's Board of Directors. Neil's appointment comes with a renewed vision to ensure the CLA is the national leader in fostering transparency for innovative lending practices in Canada, as well as encouraging industry advocacy and standards.
The CLA believes that online lending holds tremendous potential to increase inclusion and access to financial products for small businesses and individuals alike. CLA member companies share a commitment to the health and success of the Canadian economy. With the mission to provide the tools needed to innovate and grow safe and ethical lending practices nationally, the CLA plans to bolster its agenda in 2020 to ensure transparency, responsibility, and access to core credit and financing products are available to all Canadians. Key objectives for the CLA in 2020 will include a focus on open and accessible information, innovation, interoperability, diversity and representation, as well as the education and promotion of the financing industry in Canada.
"The CLA is excited to welcome Neil as the new chair of the association during a pivotal time for lending in Canada. We look forward to representing diverse Canadian lenders as we embark on a journey to transform our industry for the benefit of our borrowers. We extend our gratitude to Kevin Clark, President of Lendified, for his leadership and contribution as founding chairman of the association," says Gary Schwartz, President of the CLA. "Kevin has been instrumental in creating and formulating the early strategy for the association. Kevin will remain on the Board of Directors and we'd like to thank him for his contributions."
"We have a tremendous opportunity to advance the lending sector this coming year," says Neil Wechsler. "I look forward to working closely with the CLA board and the esteemed members of the association to support the ever-evolving Canadian lending ecosystem, working to advance financial inclusion, credit access, responsible lending, sound public policy, and innovation in lending, with a commitment to open banking and safe, ethical lending across Canada."
As Canada's lending landscape continues to thrive and develop, the CLA is primed to build and sustain community, thought leadership, and advocacy for the future.
About the Canadian Lenders Association The CLA supports the growth of companies that are in the business of lending, or providing other means of credit, to small business and individuals using innovative means to exchange ideas and explore ways of improving the sector; encourage principled and professional practices; educate the public at large about innovative lending; encourage individual potential borrowers to be informed about the appropriateness of innovative lending to the borrowers' circumstances; and to advocate on behalf of, and represent the interests of, innovative lenders.
About OnDeck Canada OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances coast to coast in both English and French. Since its inception in 2015, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours. OnDeck Canada has provided over CAD$450 million in capital to small businesses nationally (including capital provided by predecessor entities). OnDeck Canada is rated 5-Stars "Excellent" by Canadians on Trustpilot. The OnDeck Canada entities are subsidiaries of On Deck Capital, Inc. (NYSE:ONDK).