FinovateSpring 2012 / SoMoLend
Presenter Profile:
How they describe themselves: SoMoLend is a new technology platform that offers solutions for small businesses to get the money they need to launch and sustain their operations. SoMo connects business borrowers seeking loans with investors looking to make a return on investment and fuel job growth in their community. SoMo has partnered with KeyBank who is lending up to $50 million to small business borrowers on www.somolend.com. SoMo is the first of its kind 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 SoMo, chambers of commerce, municipalities, banks, local governments, business associations, and corporations can invest in small businesses by use of a safe, secure, easy-to-use platform.
How they describe their product/innovation: At FinovateSpring 2012, SoMoLend is debuting its peer-to-peer lending experience by which business borrowers can raise capital by securing loans from friends and family, customers, and community supporters. Simultaneously, lenders can invest in the industries they care about most in their own neighborhood, fueling local economy and doing well by doing good all while earning a return.
Contacts:
Bus. Dev.: Candace Klein, Founder & CEO, candace@somolend.com, 859-803-9499
Press: Dan O’Keeffe, Founder & CEO of O’Keeffe PR, dan@okeeffepr.com, 513-221-1526
Sales: Cheryl Stamm, VP Sales, cheryl@somolend.com, 513-675-0003
Website: www.somolend.com
Blog: somolend.wordpress.com
HQ Location: Cincinnati, OH
Company Founded: May 2011
Product Being Demoed: SoMoLend.com
Product Launched: Beta Launch: December 2011; Full Product Launch: May 2012
Metrics: SoMo has over 1,000 borrowers seeking loans on our platform and we have closed on $1.2M in seed capital. SoMo has five full-time employees and six contract employees.
- Key Executives
Candace Klein (Founder & CEO), Chris Calvert (COO), Cheryl Stamm (VP Sales), Rahul Bawa (CTO)
Key Stats
- Key Board Members
Rahul Bawa (CincyTech USA), Madeleine Ludlow (Westcoast Capital), James Alexander (Prosper), Todd Federman (North Coast Angels)
- Key Advisory Board Members
Vidar Jorgenson (CEO, Grameen America), Jack Wyant (Blue Chip Venture Company), Dustin Garis (Marketing Director, Procter & Gamble), Tom Winning (President & CEO, First National Bank of Germantown), Mark Richey (Principal, Draper Triangle Ventures)
- Key Investors
North Coast Angels, CincyTech USA, Queen City Angels, Holekamp LLC
- Key Partnerships
KeyBank
- Key Customers
Small businesses and startups, typically 2 years old or newer. These businesses are seeking funding and have either been rejected by traditional financial institutions or do not trust banks. Most have been in business for 11-24 months and have credit scores above 700.