NEW YORK—In response to increased borrower and accredited investor demand on the east coast, SoMoLend, a debt-based crowdfunding platform headquartered in Cincinnati, has expanded to a second location in New York City.
The expansion comes on the heels of receiving funding from NYC Seed, as well as the formalization of a deal with New York City firm GATE Global Impact. As a result of the GATE partnership, in addition to offering small businesses borrowers loans from banks, corporations and other institutional lenders, SoMoLend will now be able to make loans through friends, family and accredited investors.
“We are thrilled about our New York expansion. We see such an opportunity to work with small businesses in the New York area and believe that there will be significant investor interest in these deals. The partnership with GATE and investment from NYC Seed made New York a natural first expansion location for our business,” said Candace Klein, SoMoLend Founder and CEO.
SoMoLend, named by Worth magazine earlier this year as one of the country’s Top 10 crowdfunding platforms, is the pioneering Web-based lending platform that connects small business borrowers with organizational lenders looking to make a return on investment. Small business borrowers nationwide are encouraged to sign up today. For more information, visit https://www.somolend.com/, or http://www.facebook.com/SoMoLend.
To learn more about SoMoLend, as well as the crowdfunding industry, visit the SoMoLend blog at http://somolend.wordpress.com/.
About SoMoLend
SoMoLend is a Web-based lending platform that uses patent-pending technology to connect small business borrowers with individual and organizational investors (lenders), executed within a hyper-localized geographic scope. SoMoLend’s user-friendly technology allows small business borrowers to obtain loans from friends, family, customers, community supporters, and interested organizations, as well as from Facebook, Twitter and LinkedIn connections. For more information, visit http://somolend.com/ or http://somolend.wordpress.com/.
