SoMoLend, the Cincinnati-based online peer-to-peer lending site, has launched a new small business competition. The winner gets $5,000 to help fund a new idea.
SoMoLaunch is the lender's first business competition. Participants have until Sept. 30 to apply at the SoMoLend
website.
The winning company will receive:
- $5,000 in cash
- National publicity
- A mentoring session with SoMoLend founder Candace Klein
“There are so many talented entrepreneurs out there with fantastic business ideas, but gaining financing might be the hardest obstacle they face," says Klein in an announcement. "We want to encourage innovation and recognize small business owners and their hard work. This is our way of lending a hand to the entrepreneurial community.”
The prize can be used for business expansion, equipment upgrades, promotional materials or other growth needs.
Eligibility is based on a number of factors. Applicant businesses must be incorporated as a corporation or LLC, and submit a loan application.
Other entry requirements include a fully developed business plan, completion of all sections of the SoMoLend application with contributions from all company owners, completed financial statements and financial projections, a viable business model and evidence of research.
By Feoshia H. Davis
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