Last week, The Early Show on CBS featured three Finovate alumni (see video below). The newscast describes how Weemba, Lighter Capital, and Rebirth Financial are all working to find funding for small businesses.
All three startups use different approaches to provide small businesses with funding when banks fail to come through:
Weemba
Approach: Serves as a matchmaker for borrowers and lenders
Average loan amount: $27,500
FinovateFall 2011 demo
Lighter Capital
Approach: Lends money based on business earnings
Average loan amount: $150,000
Rebirth Financial
Approach: Matches borrowers with lenders based on a desired loan amount and interest rate
Average loan amount: $80,000
Source: CBS News http://bit.ly/t2inQG