SoMoLend and CircleUp Create Partnership To Assist Small Businesses and Entrepreneurs
CircleUp and SoMoLend are announcing a partnership to improve access to capital for small businesses and entrepreneurs through a national network of accredited investors.
Here is the press release:
CINCINNATI and SAN FRANCSICO July 30, 2012— CircleUp (https://circleup.com/), the leading equity crowdfunding site in the US, and SoMoLend (http://www.somolend.com/), the pioneering debt borrowing platform connecting entrepreneurs with local lenders, are announcing a partnership to help small businesses to raise growth capital more efficiently.
The partnership will improve access to capital for small businesses by helping businesses find the best source of capital for their unique situation. SoMoLend supports micro-loans, while CircleUp facilitates equity investments. By sharing information, best practices and joint education efforts, SoMoLend and CircleUp will improve their ability to serve clients in need of either debt or equity solutions.
CircleUp enables existing small businesses to raise expansion capital through a national network of accredited investors. The company focuses on consumer and retail companies, which historically have been under-represented by Venture Capitalists and Angel Investors.
CEO Ryan Caldbeck says, “We started CircleUp to help great consumer brands find the capital they need to grow. Partnering with SoMoLend provides us another resource to offer businesses, when a loan is preferred to an equity solution.”
CEO Candace Klein founded SoMoLend in 2011 when she saw that small businesses needed more lending resources beyond traditional banks. SoMoLend’s technology connects credit-worthy businesses with corporations and institutions looking to invest locally and with a purpose.
Klein says, “Finding financing can be very difficult for many startups and small businesses. Our partnership with CircleUp will allow us to more effectively serve entrepreneurs and small businesses by giving them access to additional funding resources so they can find the right fit for their business and operate successfully.”
CircleUp (http://circleup.com/) is an equity based investment platform that connects individual investors with growing private companies. CircleUp features a curated list of national high-growth U.S. small consumer brands. All companies have a tangible product or retail outlet that you can touch, taste, use, or visit. Using tools provided by the platform, investors review companies of interest, ask questions of the management team and complete their investment – all on CircleUp.
SoMoLend is a Web-based lending platform that uses patent-pending technology to connect small business borrowers with individual and organizational investors (lenders), executed within a hyper-localized geographic scope. SoMoLend’s user-friendly technology allows small business borrowers to obtain loans from friends, family, customers, community supporters and interested organizations as well as from Facebook, Twitter, and LinkedIn connections. For more information, visit http://somolend.com/ or http://somolend.wordpress.com/.