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12/8/2008

Borrowing in a Tough Economy
by Michael Singleton, Business Consultant, UALR Lead Center

Listen to most any news outlet and you are likely to hear dozens of stories about tough economic conditions and tightening credit. What is a small business owner to do? Many have turned to nontraditional lending sources such as peer to peer lending.

Peer to peer lending in its simplest form has been going on for centuries. Peer to peer lending is borrowing money from an individual rather than an institution. Organizations such as VirginMoney and Lending Club help facilitate the transaction by matching borrowers and lenders. Each also establishes credit standards and facilitates repayment of the debt.

For more information about peer to peer lending visit www.virginmoneyus.com or www.lendingclub.com.

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.