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Bringing hyper-productivity to banks by involving entrepreneurs in the underwriting and collection p
In a slow economy where banks have tightened credit, getting funding for your startup or your small businesses remains a major challenge. Entrepreneur Commons is bringing a new and scalable funding opportunity to entrepreneurs.
It used to be that you had to wait a long time at the airport to get to one of the 15 agents behind a counter who would check your luggage in. Now airlines have transferred this responsibility to passengers, and everybody wins: no more long lines at the counter - passengers are happier, and there are only 2 agents where there used to be 15 - companies save money. By involving their customers in the value chain, companies can reach new levels of efficiency and productivity. Entrepreneur Commons offers the same opportunity to banks: we take care of deciding which entrepreneur should get a loan, and we support this entrepreneur to make sure the loan gets paid back. We do this by providing a guarantee from the Entrepreneur Commons Mutual Guarantee Fund for the loan, so that the risk is removed from the bank. We help the bank by mitigating this risk on the underwriting and the collection, and we let them focus what they know best: the administration and legal compliance of the lending process.
On March 6, 2011 Entrepreneur Commons officially launched a campaign on Indiegogo to raise the first money for the mutual guarantee fund. Entrepreneurs within the network are already helping each others through regular peer-support meetings. They will select among themselves who should get loans, and they will provide on-going support for the projects that are selected. When the money from the loan is paid back, the guarantee becomes available for the next loan, and the next, etc... Please help make the economy more fluid and contribute to the fund here:
Donations are tax deductible (fiscally hosted by Community Ventures)
Read more from our "Interviews" series
We discuss the inspiration behind the product, its subscription-model, and tips for securing fundingRead more...
Jennifer Esposito, formerly of GE Healthcare and Intel, has joined the company VP of HealthRead more...