40billion.com, the first social funding network for small business entrepreneurs, recently announced it passed $25 million in funding requests. 40billion.com also announces 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. “
“With traditional small business and entrepreneurial funding so limited, 40billion.com’s social micro-funding efforts will facilitate job growth and economic recovery nationwide,” said Pugh. “I am extremely pleased to be part of this venture.”
40billion.com, Inc. is the first Internet based microfinance company serving American small businesses. 40billion.com’s scalable 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 – including friends, relatives, colleagues, customers, and other contacts – 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. For more information, visit http://www.40billion.com.