Microfinance Focus, Aug 17, 2010: Atlanta based 40billion.com, a social funding network for small business entrepreneurs in America, has raised over $25 million in funding requests, says a recent announcement.
40billion.com’s 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 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.
It also announced the appointments of Daniel Pugh as chief operating officer and Brent Wadman as vice president & general counsel.
“More entrepreneurs are using our Internet-based microfinance platform to get business loans because their communities and networks of friends and relatives will help them when banks will not,” said Cornelius McNab, CEO and founder of 40billion.com. “To help us handle the tremendous growth in demand that is expected, we welcome Dan as head of operations and Brent as head of legal.”