SoMoLend is a super savvy company with patent-pending peer to peer lending technology. They leverage a patent-pending lending technology executed within a hyper-localized geographic scope (we know, super techy, but very cool).
This user-friendly technology can be accessed worldwide by 1) business borrowers who are credit-worthy, but may not be eligible for traditional forms of financing and 2) investors seeking higher than public market rates of return. Investors lend money directly to borrowers through a web-based application, which then packages the loans and sell them as notes, bypassing the need for banks and credit-card issuers.
Company contact details
Brief business history
Founder: Candace S. Klein
Established: August, 2011
The name: SoMoLend = Social, Mobile, Local Lending
Company Associates: 3
Operational Reach: Statewide across Ohio
Headquarters: Cincinnati, Ohio