SoMoLend

SoMoLend is a web-based technology that allows small businesses to raise debt financing from friends, family, customers, neighors and local banks. SoMoLend is the first of its kind in many ways as a fully transparent portal that allows investors to look into the eyes of business borrowers in their own neighborhood before making any lending decisions. With SoMo, individuals, banks, local governments, business associations, chambers of commerce and municipalities can invest in small businesses by use of a safe, secure, easy-to-use platform. SoMo is designed with the capability of allowing and promoting peer-to-peer lending, by which business borrowers can get loans from friends and family, customers, Twitter followers, Facebook friends and LinkedIn connections. SoMo will launch peer-to-peer lending nationwide in 2013. In 2010 the founder of SoMoLend, Candace Klein, began a micro-lending program matched with a women’s only, training-based program for participants to earn funding for their start-up companies. There were start-ups that were not able to attain funding through this specific program, and it became apparent that small businesses everywhere needed an advocate. The idea for SoMoLend came from this realization and the desire to assist start-ups that were not able to gain funding through the program. SoMoLend was founded in 2011 to serve small businesses that are not being served by traditional funding. SoMoLend was created on the principal of communities and people helping each other out: people investing in people. We strive as a company to assist local businesses, help entrepreneurs to grow, and allow lenders to invest in the companies and ideas they believe in most. Small businesses create jobs and support local communities, but are struggling to get the support they need; this is where SoMoLend steps in!