Online Platform Connects Entrepreneurs with Local Lenders
SoMoLend has facilitated over 100 small-business loans totaling nearly $3.5 million.
Candace Klein knows firsthand how hard it is to raise startup funds. When she needed capital for her first business, Bad Girl Ventures, a microfinance organization for Cincinnati women-owned businesses, she tapped several relatives--a move that led to a few "very uncomfortable Thanksgivings."
That experience inspired , her online platform that plays matchmaker between businesses and investors, often in the same geographic range from $500 to $1 million, with interest rates ranging from 3 to 22 percent and terms spanning six weeks to five years, depending on a business's needs and creditworthiness. SoMoLend also charges a 4 percent transaction fee on funds borrowed.
