When it comes to entrepreneurs launching small businesses, they can use all the help they can get. SoMoLend is a website that can help.
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. It is designed to serve small businesses that don’t have access to traditional funding or would rather utilize alternative forms of lending.
SoMo’s first lending partner, KeyBank, has committed to providing at least $1 million–up to $50 million–to lend to qualified SoMo borrowers in the first year of operation.
“SoMo is a new way for small business owners and entrepreneurs to connect with lenders to finance their dream,” said Candace Klein, Founder and CEO of SoMo and non-profit Bad Girl Ventures. “We are honored that KeyBank has chosen to partner with us.”