San Francisco, CA (PRWEB) March 17, 2011
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: entrepreneurs decide who among them should get a loan, and they support this entrepreneur they have chosen to make sure the loan gets paid back. The whole process is enabled thanks to a guarantee that is provided for the loan, coming from the Entrepreneur Commons Mutual Guarantee Fund, and so that the risk is removed from the bank. This allows banks to mitigate the risk on the underwriting and the collection, and allows them to focus on 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)
About Entrepreneur Commons: Entrepreneur Commons is not-for-profit providing peer-support to entrepreneurs through small chapters of 5 to 10 people who meet on a regular basis to help each others. The network grew from 2 chapters in 2009 to 19 chapters in 2010, including chapters in the Americas, Asia and Europe.
About Community Ventures: Community Ventures is a 501(c)3 nonprofit organization that grew out of Michael Shuman’s book, Going Local: Creating Self-reliant Communities in a Global Age(hardcover by Free Press, 1998; paperback by Routledge, 2000). The book elaborates principles and policies for community economic development through the support of locally owned small businesses that are rooted in and dedicated to the communities where they are located and that prevent leakage of local dollars.
Contact: Marc Dangeard - Entrepreneur Commons - Phone: 415 729 4342 - marc(at)entreco(dot)org