StreetShares, Inc. is a small business funding marketplace based outside of Washington, D.C.
Video StreetShares
History
StreetShares Inc. launched in 2014 by Mark L. Rockefeller, Mickey Konson, and Ben Shiflet. StreetShares investors include global microfinance company, ACCION International, Washington D.C. area community bankers, military veteran investors, Harvard Business School angel investors, and Capital One alumni.
In March 2015, StreetShares announced commitments from private investment firms Direct Lending Investments and Community Investment Management, as well as Eagle Bank Corp for more than $200 million in funding to back loans made on StreetShares.
In April 2015, StreetShares was named Best Investment in the 2015 global Harvard Business School New Venture Competition, an alumni competition sponsored by Harvard Business School's Rock Center for Entrepreneurship and Social Enterprise Initiative. The award was chosen by a global panel of Harvard judges.
Maps StreetShares
Business model
StreetShares offers 3- to 36-month term business loans up to $100,000. Applicants must be U.S. citizens or permanent residents, in business for at least one year, earning revenue, incorporated or LLC, and have a business guarantor. StreetShares charges a pre-disclosed one-time origination fee based on term length, risk and loan amount. StreetShares investments are available to qualified investor members with an established StreetShares account.
Reception
StreetAuthority stated that the StreetShares auction model drives down costs and may preview the biggest competitive threat to popular alternative lender OnDeck. According to Entrepreneur Magazine contributor and Small Business Development Center Director, Kedma Ough, StreetShares is considered a top resource for small businesses owned by military veterans. StreetShares has been described by the Washington Business Journal as "Shark Tank meets eBay" for small business loans. According to NerdWallet contributor Jackie Zimmermann StreetShares is "Fast and Veteran Friendly".
Board of Advisors
- Raj Date, Fenway Summer
- George W. Casey, Jr., retired Chief of Staff of the U.S. Army
- Pete Hartigan, Trusted Ventures, LLC
- Troy A. Paredes, former Commissioner of the U.S. Securities and Exchange Commission.
References
External links
- Official website
- Why Veterans Lending to Veterans May be the Future of Small Business Lending Forbes
- StreetShares: Veterans funding veterans The American Legion Magazine
Source of article : Wikipedia
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