Ohio-based Peer-to-Peer Business Lending System Launches

Candace Klein, Founder & CEO of SoMoLend

SoMoLend is a new online Peer-to-Peer company that connects entrepreneurs with investors on a localized level. The business aims to assist businesses who are credit-worthy for borrowing money, but not quite eligible for traditional financing.

“This new website allows small businesses to borrow money from and individuals to lend money to one another, and in doing so earn an average interest rate return of 10.1%,” says Founder and CEO Candace Klein.

Klein launched SoMoLend in May of 2011 after successfully launching Cincinnati-based Bad Girl Ventures in March of 2010. Bad Girl Ventures is a micro-finance nonprofit organization that focuses on financing and educating woman-owned startups. Bad Girl Ventures already financed over two dozen new businesses with $700,000, and SoMoLend is the next step in advancing those goals.

“KeyBank has agreed to sign on as our first lender, so we already have $1 million to lend” explains Klein. “There is no cost to sign up, so small businesses have nothing to lose.”

More information can be found online at www.somolend.com.