Technology News

SoMoLend Debuts Small Biz Borrowing Platform

Wednesday, March 07, 2012 5:01:00 AM PDT | VentureDeal Staff

   Cincinnati, Ohio  --  Financial services company SoMoLend has announced the launch of commercial operations online.

SoMoLend has developed what it calls an "alternative borrowing platform" that enables small businesses seeking loans of $35,000 or less to connect with potential investors.

In addition, the company said that its first lending partner, KeyBank, has committed to providing from $1 million - $50 million to lend to qualified borrowers in the first year.

SoMoLend says that it will launch its peer-to-peer lending operations as soon as legislation permits.

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