SoMoLend is a web-based company with a big heart for connecting entrepreneurs with investors, and vice versa.
SoMo connects business borrowers seeking loans with investors looking to make a return on investment, doing well by doing good.
SoMo is the first of its kind in many ways as a fully transparent portal that allows investors to look into the eyes of business borrowers in their own neighborhood before making any lending decisions. With SoMo, individuals, banks, local governments, business associations, chambers of commerce and municipalities can invest in small businesses by use of a safe, secure, easy-to-use platform. SoMo is designed with the capability of allowing and promoting peer-to-peer lending, by which business borrowers can get loans from friends and family, customers, Twitter followers, Facebook friends and LinkedIn connections. SoMo will launch peer-to-peer lending nationwide in 2013.
Our user-friendly technology can be accessed by 1) business borrowers who need funding for their small business or startup and 2) investors seeking higher than public market rates of return. Investors lend money directly to borrowers through SoMo, which packages the loans and sell them as notes, bypassing the need for banks and credit-card issuers. Itâ€™s social, mobile, local lending!