Small Businesses Increasingly Turning to Online Social Lending for Funding

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Small Businesses Increasingly Turning to Online Social Lending for Funding

07-22-2008, 10:10 AM,

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mandy Offline

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Small Businesses Increasingly Turning to Online Social Lending for Funding

Quote:Some people are finding it tougher than ever to get a bank loan amid the nation's credit crisis, but many are getting a warmer welcome at the "teller window" on the Web.

People are flocking to social network sites such as Prosper.com and Zopa.com, which connect lenders and borrowers at the grassroots level, using an eBay-style auction of loans and interest rates...

"More people are turning to these alternative loan providers to get their cash as it has become more difficult to get a loan from the established providers," said Mike Perlman, director of Compete's financial services practice...

full article: http://www.ecommercetimes.com/story/smb/63791.html

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