Lendoor Offers Crowdfunded Business Loans in Texas

    DALLAS, TX, May 14, 2015 /24-7PressRelease/ -- Small businesses in Texas now have a new option for getting a loan, thanks to crowdlending provider Lendoor, recently licensed by the Texas State Securities Board.

Often compared to a "Kickstarter for business loans," the crowdlending process lets companies ask their friends, family, customers or local community to jointly chip in for a loan, then get paid back over time. The business sets the loan size, term and the interest rate, then encourages people to pledge money towards it. If enough money is pledged, the loan is funded. The repayments are done online and completely automatically.

Crowdfunding a loan is an innovative way for companies to raise money, as it lets everyday people use their knowledge and interest in a company to make an investment - unlike bank or online loans that use only algorithms and blanket rules. Crowdlending became only recently possible in Texas, which enacted its own rules to allow this type of financing, after the SEC delayed the federal provisions to allow the same, country-wide.

"We are excited to go live in Texas," said Viktoria Krane, co-founder and CEO of Lendoor. "It is a large state, with an entrepreneurial mindset, and a huge number of businesses who will benefit from this new way to finance their growth."

"The promise of crowdlending is to do for small business finance what Kickstarter has done for product development: to make it far easier to raise money from a group of individuals, rather than from a large corporation or fund," added Krane.

The Texas crowdfunding rules mean that crowdfunding of debt - such as loans for small business - must take place only between companies in Texas and lenders in Texas, rather than across state lines. If you are a business owner who is interested in a loan, or you would like further information, please visit us at texas.lendoor.com.

Lendoor provides a "crowdlending" plaform that lets small businesses get a loan from groups of people: friends, family, customers and community. By tapping people who know the business, rather than a bank algorithm, Lendoor opens up financing to a wide range of companies that previously had little or no access to conventional financing, while letting people invest in companies they love and get paid back with interest. More information about Lendoor in Texas is available at texas.lendoor.com.

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