City of Cincinnati & SoMoLend Partnership News Conference 12/5/12.
Cincinnati Partners with SoMoLend to Support Small Businesses
City to Provide Loans to Stimulate Economic Growth and Prosperity
The City of Cincinnati, continuing its support of small businesses, is entering into an agreement with SoMoLend, a first-of-its kind web-based lending platform that connects small businesses with organizational lenders. Through the partnership with the City, SoMoLend will identify qualified small businesses to which the City would potentially lend capital. The City would make loans up to $400,000 in order to stimulate economic growth and job creation within the City.
With SoMoLend, individuals, banks, local governments, business associations, chambers of commerce, and municipalities can invest in small businesses by use of a safe, secure, easy-to-use platform. “SoMoLend connects business borrowers seeking ways to fund their businesses with investors looking to make a return on investment--doing well by doing good,” said Candace Klein, Founder & CEO of SoMoLend.
Earlier today, the City’s small business commission reviewed and provided feedback on the partnership. The Small Business Advisory Committee was created in 2012 to guide city leaders on decisions relating to small businesses and economic development. This commission will identify the current state of the small business community and areas of opportunity to further develop small businesses. In addition, it will propose changes to current policies and programs, and make recommendations for new legislation and initiatives to help the Cincinnati small business community succeed and grow.
“Our partnership with SoMoLend provides an optimal way of sourcing good deals that lead to investment in small businesses and job creation in a comprehensive way,” said Cincinnati Economic Development Director Odis Jones. “The City wants small businesses to prosper so the local economy prospers at all levels.”
In addition to the partnership with SoMoLend, the City will also continue to operate the Grow Cincinnati Fund (loans of $100K or more) and the MicroCity Loan Fund (loans of $35,000 or less) to lend capital to small businesses in need.
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 somolend.com/ or somolend.wordpress.com/.