On Wednesday, RMMFI CEO Jessica Sveen provided testimony in support of Colorado House Bill 23-1126. This bill would prevent medical debt from appearing on consumer reports and negatively impacting credit scores.
Sharing RMMFI’s mission and experience as a small business lender, Jessica explained how lending despite medical debt is possible. RMMFI’s lending model does not use credit scores to determine entrepreneurs’ creditworthiness. While roughly one-third of the entrepreneurs we support have medical debt on their credit reports when seeking a loan from us, we have maintained a 94% repayment rate on our lending portfolio.
RMMFI believes that HB23-1126 will reduce barriers so that entrepreneurs from all backgrounds can access the capital they need to launch and grow their businesses in Colorado. We were excited to see the bill pass out of the Business Affairs and Labor Committee yesterday, and we will continue following it as it moves to the House Committee of the Whole.
Thank you to the many other organizations that have been strong advocates for this bill: Colorado Center on Law and Policy, Small Business Majority, Colorado Consumer Health Initiative, Chronic Care Collaborative, and Colorado Coalition for the Homeless.