August 9, 2010
In recent years, entrepreneurs have been facing much tougher times when it comes to financing their businesses and getting small business loans – particularly for equipment loans. Of course every challenge creates a new opportunity for someone. So enters MatchLend, a New York based startup making it easy for small businesses to get equipment loans. MatchLend describes themselves as “a clearinghouse for the fragmented and inefficient finance industry”.
For those entrepreneurs in the restaurant and similar industries, acquiring equipment loans can be quite painful and time-consuming. Potential borrowers have to find a number of dispersed lenders, fill out numerous loan applications and undergo multiple rounds of opaque and confusing negotiations. At the same time, lenders face difficulty with lead generation and credit analysis, as well as liquidity management. MatchLend attempts to streamline this process by acting as a web-based clearinghouse – consider it a Craigslist for equipment loans.
The team behind MatchLend is Jeff Engler, a student at Harvard Business School with a background at Lehman Brothers, Unitus (microfinance) and mChek (mobile banking), and Paul deGrandis, and entrepreneur and programmer with a background at Etsy, Dept of Defense, Google and ourShelf (his own startup). MatchLend is part of this summer’s DreamIt Ventures program and will be presenting at TECH cocktail Philly on August 12th at the Field House from 6:30 pm – 9:00pm ET.
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