Bad Girl Entrepreneur Candace Klein Launches SoMoLend

KeyBank is SoMoLend's first official institutional lending partner; new lending platform already gaining new borrowers

CINCINNATI—SoMoLend (http://www.somolend.com/), an alternative borrowing platform that offers a new solution for small businesses to obtain the capital they need, launches officially today.

SoMo’s software is designed to use the Web to match borrowers with lenders, connecting business borrowers seeking loans of $35,000 or less with investors looking to make a return on investment.  It is designed to serve small businesses that don’t have access to traditional funding or would rather utilize alternative forms of lending.

SoMo’s first lending partner, KeyBank (https://www.key.com/), has committed to providing at least $1 million—up to $50 million—to lend to qualified SoMo borrowers in the first year of operation. 

“SoMo is a new way for small business owners and entrepreneurs to connect with lenders to finance their dream,” said Candace Klein, Founder and CEO of SoMo and non-profit Bad Girl Ventures. “We are honored that KeyBank has chosen to partner with us.”

The lending platform is consistent with Key's focus on the small-business market, where it has committed to lending $5 billion through 2015, Maria Coyne, executive vice president and business banking segment head for Key, said in a recent interview with American Banker.

"We are always looking for alternative ways to understand people's capacity and ability to repay," Coyne says. “Social media is interesting to us, and we want our clients to have the option to have a face-to-face relationship. We also like to meet our borrowers and know our client."

Stacey Shiring is one of SoMo’s first customers. Shiring is the owner of Bridal Divas Inc., a business that allows brides and grooms to design and purchase unique wedding invitations, stationery, announcements, and thank you cards.

“Working with SoMo was a seamless process to help my business get the funding we need. Being able to work with local people who believe in my business makes a big difference and encourages me to give back to the community that makes me successful,” said Shiring.

Also, Klein is set to speak at the Soho Loft’s Capital Creation and Crowdfunding Conference to be held on Tuesday and Wednesday, March 13-14, 2012 in Los Angeles, Calif. where attendees will be provided with key insight into the direction of the U.S. capital markets during this period of regulatory transformation.

With SoMo, organizations can invest in small businesses by use of a secure, easy-to-use platform. SoMo is designed with the capability of allowing peer-to-peer lending, by which business borrowers can get loans from friends and family, customers, and social media followers. SoMo seeks to launch peer-to-peer lending across Ohio, and nationwide, as soon as legislation permits.

The SoMo website is currently live in its Beta phase. Small business borrowers nationwide are encouraged to sign up today. To learn more, visit https://www.somolend.com/, or http://www.facebook.com/SoMoLend.

About SoMoLend
At SoMoLend, we make investing in your online community simple, affordable, and social. SoMo is a Web- and mobile-based borrower website that uses patent-pending lending technology executed within a hyper-localized geographic scope to connect small-business borrowers with individual and organizational investors.  This user-friendly technology can be accessed worldwide, and will enable peer-to-peer lending, once legislation permits. Investors lend money directly to borrowers through a Web-based application, which then packages the loans and sells them as notes, bypassing banks and credit-card issuers.  For more information, visit https://www.somolend.com/.