Friday, May 8, 2015
StreetShares Brings New Funding Sources to Small Businesses
Veterans helping veterans
The company was formed in 2013 by an Iraq war veteran and former finance lawyer, and former head of small business credit for Capital One. Their primary goal was to help veteran-focused small business, entrepreneurs and service organizations. Most of their clients are small businesses owned by U.S. military veterans. Veterans and other small business owners can apply for a loan, then pitch their business to potential investors. Investors compete in an online auction to fund portions of the loan. The result is capital for small business owners at the lowest loan bids.
StreetShares works with various banks and investment loan companies in securing funds for small business owners. The company describes their approach as "It’s like Shark Tank meets eBay." They also personally back some of the loan amounts.
The company is currently running a campaign called the StreetShares Commander's Call Veteran Business Award which will award one veteran-owned business a $5,000 grant for their company.
To find out more, visit streetshares.com/veteran-business-campaign