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Online Platform Connects Entrepreneurs with Local Lenders

SoMoLend, is an online platform that plays matchmaker between businesses and investors, often in the same geographic neighborhood. Since the beta site launched in May 2012, SoMoLend has facilitated some 100 small-business loans totaling nearly $3.5 million. Loans 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.

Link: http://www.entrepreneur.com/article/225478?hootPostID=814836f8ff0e2d59a0d37ce877d87abe
Added by View user profileSME Finance Forum on March 4, 2013