Small-business lending: local community’s involvement makes banks obsolete

Community Sourced Capital, a startup based in Seattle, WA, connects small businesses with members of the community who are eager to support their local economy. Loans are repaid with no interest, while CSC takes fees. The goal is to step into the space that banks have left vacant since the recession: small-business lending, especially loans inferior to $50,000. Already $700,000 have changed hands in the Pacific Northwest through CSC. The company intends to replicate the model elsewhere when it’s ready.

 

Solution News Source

Small-business lending: local community’s involvement makes banks obsolete

Community Sourced Capital, a startup based in Seattle, WA, connects small businesses with members of the community who are eager to support their local economy. Loans are repaid with no interest, while CSC takes fees. The goal is to step into the space that banks have left vacant since the recession: small-business lending, especially loans inferior to $50,000. Already $700,000 have changed hands in the Pacific Northwest through CSC. The company intends to replicate the model elsewhere when it’s ready.

 

Solution News Source

SIGN UP

TO GET A Free DAILY DOSE OF OPTIMISM

Optimist Subscriber
Delivery Frequency *
reCAPTCHA

We respect your privacy and take protecting it seriously. Privacy Policy