SoMoLend was a web-based technology that allowed small businesses to raise debt financing from friends, family, customers, neighbors, and local banks. SoMo was the first of its kind as a fully transparent portal that enabled investors to fully evaluate business borrowers prior to making any binding, lending decisions. With SoMo, individuals, banks, local governments, business associations, chambers of commerce and municipalities could invest in small businesses by use of a safe, secure, and easy-to-use platform. SoMo was designed with the intent of allowing and promoting peer-to-peer lending, by which business borrowers could attain loans from friends and family, customers, Twitter followers, Facebook friends, and LinkedIn connections.
SoMoLend has received investment from the North Coast Angel Fund.