SoMoLend

Posted by: Jonathan Sandlund Posted date: September 09, 2012 In: Portal Spotlights

Overview
Company: SoMoLend Holding, LLC
Crowdfunding Portal: SoMoLend.com
Date of Incorporation: May, 2011
Location: Cincinnati, OH
Target Demographic: Small Businesses
Securities Offered: Debt securities
Tagline: Lend.Borrow.Grow
Status: Allowing businesses to create campaigns today; will open to non-accredited investors Post-JOBS

Founders Spotlight
Candace Klein Founder, CEO; Prior to SoMoLend, Candace founded Bad Girl Ventures, a non-profit, micro-finance organization that has financed 26 women with $700,000, and has created 154 jobs across Ohio. Candace continues to practice corporate law at Ulmer and Berne, LLP.
(Full Bios)

Highlighted Fundraising Activity
Will begin fundraising post-JOBS

Other
Liquidity: SoMoLend has nailed a strategic partnership with Key Bank – also an investor in SoMoLend’s seed round - who has committed to lending at least $1 million on the SoMoLend platform, up to $50 million, in the first year of operation
Making Friends: SoMoLend and leading equity-based portal, CircleUp, announced a resource-sharing partnership in July
Industry Leadership: Candace has been an active evangelist and leader for the industry; she is founding Chair of CFIRA (Crowdfund Intermediary Regulatory Association)

Press

Finovate Spring 2012 Presentation | Finovate Conference, 2012 (Superb presentation, highly recommend viewing)
How Technology Sharpens Online Loan Scoring and Matching | American Banker, Dec 2011
Candace Klein launches SoMoLend, the first lending site of its kind permitted in the state of Ohio | Nov 2011
Full Press

Abstract

SoMoLend is new technology platform that connects business borrowers seeking loans with investors looking to make a return on investment, doing well by doing good. To date, SoMoLend has partnered with KeyBank who has committed to lending at least $1 million on the SoMoLend platform, up to $50 million, in the first year of operations. SoMoLend 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 SoMoLend, chambers of commerce, municipalities, banks, local governments, business associations, franshisors and corporations can invest in small businesses by use of a safe, secure, easy-to-use platform. SoMoLend 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. SoMoLend seeks to launch a business based lending platform across the state of Ohio and nationwide.