Cincinnati Partners with SoMoLend to Support Small Businesses - | WBTV Charlotte

Cincinnati partners with SoMoLend to support small businesses

The City of Cincinnati 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.

The City's small business commission has 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."

"I am excited that the SBAC approved the City's new partnership with SoMoLend today," said Councilmember Yvette Simpson, head of the City's Small Business Advisory Committee.  "By making City lending more efficient and expanding the network of small businesses receiving City assistance, this new partnership fits well into the SBAC's goal of making Cincinnati a better place for small business."

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.

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