Lendoor is a New York based crowdlending platform that allows potential borrowers to use their existing social networks to connect with potential lenders. The company makes it possible to ask people they know personally to help with a private loan. Lendoor provides loan documentation templates and a repayment system through a partnership with Synapse Pay, which makes collecting third-party and repaying money easy, affordable, and automatic. The company’s mission is to help small business entrepreneurs start and grow their ventures with the help of their friends, family, and community. The company provides the tools so that all parties have clarity and transparency with the process.
Lendoor founder, Viktoria Krane, came to the SBDC for a critical analysis of her planned business model, in an attempt to increase the chances of a successful launch. Ms. Krane met with Pace SBDC Business Advisor Greg Callender, with a majority of the initial meeting spent discussing the client’s planned criteria for listing companies hoping to borrow. Pace SBDC worked with the client during several subsequent meetings to further refine her model, develop cost effective marketing approaches, and explore options for raising capital for the project.
After presenting her refined business model, Ms. Krane was able to raise $120,000 of seed funding to support her launch. On February 5, 2016 Lendoor announced the closing of the first successful crowdlending campaign using its platform. Roots on Tap, an organic juice bar in Dallas, raised a total of $10,000 in 30 days from 20 family and friends, in increments ranging from $100 to $1,000.