Finding funding in a tight credit market
Gregory Magarshak needed a $20,000 loan to grow his Web development company. He got the credit, but not through his bank, and he didn’t use his credit card.
Instead, Magarshak borrowed the money from 50 strangers, and he doesn’t even know their names. It’s a process called “peer-to-peer lending,” and in this difficult economy, where credit is scarce, it’s growing in popularity.
Here’s how it works: A borrower fills out an application and the lending club instantly accesses his credit information. If the loan is approved, it gets listed on a Web site, and then anyone can decide whether to lend the borrower money. Read full story:
Related story…
Where’s the Money: Finding Funding for Your Business
MSNBC interviewed small business owners who understand the need to be flexible in this troubled economy. They’ve altered their business plans to “change or die.” Click the following link to view full interview segment: http://www.msnbc.msn.com/id/21134540/vp/30030088#30030088
Technorati Tags: NCET, Nevada’s Center for Entrepreneurship and Technology, entrepreneurs, Gregory Magarshak, Lucky Apps, John Donovan, Lendingclub.com, peer-to-peer lending, Karl Van Ledtje, Anthony Deninno, Symmetry Event Solutions, Accion USA,Gina Harman
…
