StreetShares, a veteran-owned lending company, is hoping to breathe life into the American Dream by helping veteran small businesses find loans.
StreetShares, an innovative online platform that facilitates loans to small businesses through a marketplace of investors, has launched a Veteran Business Campaign specifically targeting veteran-owned small businesses.
Described as "Shark Tank meets eBay," StreetShares allows small business owners to pitch their business plans to a cadre of investors, who compete to fund a portion of the loan to the small business through an auction-style lending platform. The investors offering the lowest interest rates for the loan "win" the auction and their bids are consolidated into a single loan for the small business.
Founded by Air Force veteran and Legionnaire Mark L. Rockefeller, StreetShares focuses specifically on veteran-owned small businesses. Through its Veteran Business Campaign, StreetShares will make the first loan payment for any small business owner who wins funding through its online platform. Additionally, StreetShares' team of experts is available to provide consultation to veteran small business owners at (800) 560-1435.
StreetShares' focus on veteran small business owners harkens back to the post-World War II era in which veterans came home from war theaters to start small businesses in droves. The difference between then and now, Rockefeller said, is that small businesses face a different lending environment which isn't necessarily favorable to them.
"Today’s veteran small business owners face a very different environment," Rockefeller said. "Strict lending regulations, big bank consolidation and dwindling community banks leave small businesses with very few options. Business owners get to choose between difficult-to-obtain bank loans and costly online loan sharks. StreetShares solves that problem and fills an important niche in the lending industry – especially as it relates to veteran small business owners."
Business owners interested in participating in StreetShares only need to fill out a short application and then prepare a pitch for their business plans to present to investors for bidding. StreetShares' pool of investors include retail and institutional investors, many of whom are also veterans. Additionally, StreetShares backs a portion of every loan it facilitates.
"Through a StreetShares auction, veteran small business owners get funded at a competitive rate and investors get the returns they’re looking for. Everyone wins," Rockefeller said.
- Careers