How they describe themselves: Weemba is an online financial community that revolutionizes the way that Borrowers and professional Lenders find each other and interact, using a “social network”-like format. Weemba exponentially increases the likelihood of successful financial outcomes for its members, both Borrowers and Lenders. All parties save time and money because borrowers don’t hear “no” and lenders don’t spend time on borrowers who don’t fit their needs. Borrowers never pay a fee to use Weemba; lenders pay only for access to the borrowers they want.
How they describe their product/innovation: Borrowers create a profile under a nickname, and post a project to obtain financing from one of the many professional Lenders registered in Weemba. Besides the reason for and amount of a loan, profiles may include everything from the Borrower’s income, education level and veteran status (Individuals) to their number of employees, annual sales or revenues and articles of incorporation (Businesses). Lenders will be able to search projects created by those Borrowers and narrow them down by credit score, amount needed, location, type of loan and more. When a Lender finds an interesting project, the Lender then may ask the Borrower for access to their real identity, as well as private details about the project. Professional Lenders will be able to find the exact Borrowers THEY WANT, not information that is old, recycled, uncertain or vague. If the Borrower grants access to the Lender, all further contact and any negotiations take place outside Weemba.