SoMoLend connects business owners seeking capital with investors looking to invest in their community and make a better return than in traditional markets. SoMoLend allows investors to tailor their investment where they find it most impactful, which may be local investment, investment into certain industries, or investment by credit type. With SoMoLend, the business owner may be matched with a wide variety of Lender types including individuals (the “”crowd””), friends & family, accredited investors, community development entities and/or financial institutions.
What makes your company/product different from your competition?
SoMoLend is the leading debt based crowdfunding platform based upon borrower traction and loans funded. SoMoLend has a competitive advantage against other forms of crowd funding by offering easy to understand debt based products. SoMoLend’s competitive advantage against traditional forms of business financing center around our ease of use, efficiency and transparency. SoMoLend makes it easy for the business owner to complete an application online, and allows Lenders to see and communicate with the borrower.
What is it like to start a company in the Rust Belt?
The Rust Belt area has been very welcoming to SoMoLend. SoMoLend is the second company started in the Cincinnati area by Founder and CEO Candace Klein, so she had a strong grasp of the environment here. The communities and markets that we have started in and entered into have been extremely supportive and are eager to join us in our mission to change the world!
Tell us about your fundraising experience in the Rust Belt?
Fundraising in the Rust Belt has been a great experience. From local business plan competitions to angel investors, this area has provided us with many opportunities to connect with investors. The markets here have been extremely responsive and supportive of our mission and want to help us succeed.
What is the biggest lesson you’ve learned?
The biggest lesson we have learned and also one of our office mottos is that “every stranger is a potential new friend.” We have made valuable connections and friends in places from investor pitches to public transportation. We believe in spreading awareness to our goals and mission and the entire team is extremely passionate about our work: we all want small businesses to be successful.
What is the future for your company?
As we continue to grow, we look forward to helping more small business secure financing. We are in the process of further developing our website and user experience and will also be developing a mobile app. We also will continue expanding into additional markets and have plans to expand internationally in the future.
What else would you like us to include in this profile?
The SoMoLend Team is extremely dedicated to our mission of changing the world. We want small businesses to have all the resources they need to be wildly successful which will then strengthen the sense of community in neighborhoods worldwide. Since our launch in May 2011, we have been helping small businesses grow by democratizing access to capital.
For more information please visit www.somolend.com