Additional social network funding option to help entrepreneurs create their own American dream
Nov 29, 2010 – Atlanta, GA, November 29, 2010—40Billion.com (http://www.40billion.com), a micro-funding platform that facilitates business capital fundraising through gifts and loans from an entrepreneur’s network of friends and family online, today announced the addition of an innovative Commercial Paper offering.
Commercial Paper is an unsecured Promissory Note to meet short-term liquidity needs. It is a lower cost alternative to a traditional bank line-of-credit (LOC). Commercial Paper, which has been in existence for over 100 years, is used commonly by large corporations to raise quick and low cost working capital. 40Billion.com is pleased to be able to offer this reputable financing option to small- and mid-sized businesses seeking to borrow $5,000 to $1,000,000 for up to 270 days.
“We see this as a true ‘win-win’ situation for both investors and borrowers,” said Harendra Jani, vice-president of finance, 40Billion.com. “If you asked entrepreneurs to name the most difficult obstacle to overcome when launching their business, the most common answer is likely to be access to low cost capital. Providing a venue to access low cost capital has been 40Billion.com’s mission since day one, and the addition of Commercial Paper speaks directly to that mission.”
40Billion.com aims to address a $40 Billion gap in small business and startup funding by providing an online platform for social funding so that more entrepreneurs can have access to affordable business financing through gifts and loans.
40Billion.com helps entrepreneurs:
- Gain access to needed funding to start and grow their business, with more funding options, and at rates that are lower and more affordable than most alternatives.
- Formalize the terms of funding in order to reduce the risk of ruining relationships with friends-and-family funders, while building a network and reputation that they can utilize for future funding needs.
- Take advantage of unique features that are created specifically for entrepreneurs that need to raise money.
- Find trusted resources and services for their business, such as incorporation or company formation.
- Acquire customers by offering services to other members on 40Billion.com.
“One of the many effects of the volatile credit market environment of the past few years is severely decreased access to affordable sources of business credit,” said Cornelius McNab, founder and CEO, 40Billion.com. “No segment has been affected more by this than entrepreneurs trying to live out their own version of the American dream. Today’s entrepreneurs are tomorrow’s employers. Providing access to capital for entrepreneurs will undoubtedly lead to job creation in the future, and 40Billion.com is proud to play a role in that process.”
40Billion.com, Inc. is the first Internet-based microfinance company serving American small businesses. 40Billion.com’s scalable platform helps entrepreneurs raise funding more affordably through friends and family than through banks or other traditional financial institutions. Using proprietary online tools, entrepreneurs build social networks – including friends, relatives, colleagues, customers, and other contacts – and use these connections to raise capital through small business loans and gifts. Entrepreneurs create fundraising profiles and invite their connections to offer funding in exchange for discounts or potential returns. 40Billion.com, Inc. is headquartered in Atlanta, GA. For more information, visit http://www.40Billion.com.