SoMo’s software is designed to use the Web to match borrowers with lenders, connecting business borrowers seeking loans of $35,000 or less with investors looking to make a return on investment.
We get several calls a week from owners who tell us that they have been turned down for an S.B.A.
The Thomson Reuters/PayNet Small Business Lending Index, which measures the overall volume of financing to small businesses, surged 10.2 points to 106.4, the highest level since February 2008.
The Program for Investment in Micro-Entrepreneurs, or PRIME, distributed nearly $8 million in grants Sept.
“A combination of factors have created issues and challenges for small businesses, but it is turning in terms of credit availability.
These ARC loans can provide the critical capital and support many small businesses need to make it through these tough economic times, said Administrator Mills. Together with other provisions of the Recovery Act, ARC loans will free up capital and put more money in the hands of small business owners when they need it the most.
When banks say no, owners of cash-starved small-businesses aren’t giving up on finding loans.